Singapore’s Neon considering $271m funding following Temasek’s $150m investment
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Founded in 1956, Neon produces immersive experiences and exhibitions with franchises such as Jurassic Park.
PHOTO: NEONGLOBAL.COM
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KUALA LUMPUR – Neon is considering raising about US$200 million (S$271 million) in fresh capital as the immersive entertainment group looks to expand its business, people familiar with the matter said.
The Singapore-based company is working with advisers on the fund raising, said the people, who asked not to be identified as the information is private. A new round would follow a $150 million investment in 2022 by 65 Equity Partners, which is owned by Singapore’s investment company, Temasek.
Considerations are at an early stage and details of the fund raising could still change, the people said. A representative of Neon declined to comment.
Founded in 1956, Neon produces immersive experiences and exhibitions with franchises including Marvel’s Avengers, Jurassic Park and The Hunger Games, according to its website. The company also partners with the governments of Peru and Egypt to offer original experiences, with exhibitions such as “Machu Picchu and the Golden Empires of Peru” and “Ramses the Great and the Gold of the Pharaohs”.
The company, formerly known as Cityneon, raised about $5.3 million in an initial public offering in Singapore in 2005. A consortium led by Hong Kong entrepreneur Johnson Ko and Cityneon executive chairman Ron Tan took the firm private in a $318 million deal in February 2019.
In 2021, Neon raised $235 million from investors including Pavilion Capital, Temasek’s SeaTown Holdings International unit and an investment arm of Singapore’s Economic Development Board. It also counts Chinese private equity firm Citic Capital and Qatar’s Doha Venture Capital among its backers. BLOOMBERG
