Singapore-founded gaming firm Razer moves to list in Hong Kong

SINGAPORE - Razer, the Singaporean-founded gaming tech company has submitted a preliminary prospectus to the Hong Kong Stock Exchange.

Razer is now based in California and sells premium gaming peripherals like high-precision mice, customisable keyboards and gaming console controllers globally.

Even as Razer's revenues have grown, from US$315.2 million (S$435 million) in 2014 to US$392.1 million last year, its losses have widened, the prospectus lodged on Thursday (June 29) has shown.

From a net profit of US$20.3 million in 2014, Razer sank to a net loss of US$20.4 million in 2015, which nearly tripled to a loss of US$59.7 million in 2016.

Some of the losses arose from costs incurred when Razer sought an initial public offering (IPO) in the United States in 2014 that eventually did not proceed due to "unfavourable market conditions", Razer said in its prospectus.

Razer decided in the second quarter of 2015 to suspend its contemplated US IPO.

In April this year, Bloomberg reported that Razer was mulling a US$400 million IPO in Hong Kong, citing people with knowledge of the matter.

Razer's backers include Intel and Temasek Holdings' private equity unit Heliconia Capital Management.