01 Nov Razer CEO Tan Min-Liang to become billionaire with IPO launch: Report
Gaming lifestyle company Razer is seeking an initial public offering (IPO) that will make its CEO, Singaporean Tan Min-Liang, a billionaire, Bloomberg reported on Wednesday (Nov 1).
Mr Tan and his family own about 42 per cent of the San Francisco-based maker of gaming software, as well as computers and accessories like keyboards and headsets, said the market news site.
More than a 10th of the company is being offered to raise around US$400 million (S$545 million) in a Hong Kong IPO, which will give the 39-year-old a net worth of more than US$1.2 billion, Bloomberg added.
Razer is said to be planning to launch its first smartphone on Wednesday, with the unveiling to be broadcast live online at 8pm GMT (Singapore time Thursday 4am).
Earlier this year, Mr Tan, who is co-founder along with Mr Robert Krakoff, pitched an e-payments system via Twitter to Singapore Prime Minister Lee Hsien Loong following the latter’s National Day Rally speech.
Less than 24 hours after the proposal was submitted, Mr Tan announced on the social media platform that he had received more than 200 applicants for the initiative.
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