Southeast Asia-based games and e-commerce firm Sea, formerly referred to as Garena, has formally filed for its much-anticipated U.S. IPO. The corporate, which is valued at over $3.75 billion, will listing on the New York Inventory Change as ‘SE’ and is trying to elevate $1 billion.

Sea is greatest recognized for its Garena gaming enterprise, which predominantly focuses on PC games but additionally consists of cellular, however lately it has branched out into e-commerce with its Shopee service and funds with its AirPay enterprise.

The Garena games portal is like Steam for PCs. It counts 40.1 million month-to-month customers as of June 2017, with 12.9 million each day customers spending a median of two.three hours per day on the service. Garena is Sea’s solely revenue-generator for the reason that firm continues to be subsidizing Shopee and AirPlay is offered in simply three markets.

Income-wise, Sea has grown its income from $160.eight million in 2014 to $345.7 million in 2016, however losses in the course of the interval widened from $90.9 million to $225 million.

The corporate stated this was predominantly right down to Shopee, which it has been subsidizing so as to battle the likes of Alibaba-owned Lazada in Southeast Asia’s e-commerce area, which is tipped to develop from $5.5 billion in 2015 to $87.eight billion in 2025, according to a report co-authored by Google.

That Southeast Asia progress story is the anchor for this public itemizing, with Sea placing its religion within the area’s quickly rising web area — which is including three.eight million new customers a month — to propel its enterprise to profitability.

That’s significantly true within the case of Shopee, which is Sea’s massive wager. Shopee has grown to achieve 5.four million month-to-month customers in This autumn 2016, with 2.three million common month-to-month consumers and 1.9 million common month-to-month sellers. Sea claimed Shopee clocked $1.15 billion in GMV — complete items bought — in 2016, which it stated makes it Southeast Asia’s largest e-commerce firm.

It’s unclear if that’s correct. Lazada reached $1,zero24 billion GMV for 2015, however founding firm Rocket Web ceased reporting its monetary particulars after the first of two $1 billion Alibaba investments in April 2016.

There’s loads of rival between the 2, and Lazada CEO Max Bittner had beforehand fired pictures at “rival” firms for pumping their numbers.

“In comparison to our competitors, who are keen to tell everyone how big their GMV is, we don’t have the need to scream very loud about how much money we raised,” Bittner told TechCrunch earlier this year when Alibaba made its second funding.

Little question the expansion of Shopee, which was solely shaped two years in the past, is spectacular. Sea has begun to monetize it for the primary time this yr when it launched promoting and vendor fee charges in Taiwan. There are nonetheless six different international locations to monetize, and Sea stated it would contemplate different sorts of income era.

This IPO is a crucial occasion for Southeast Asia extra usually, the place the one latest U.S. IPO was a disastrous and short listing from fee firm MOL that resulted in 2016.

Sea is the much-anticipated itemizing that buyers and founders are hoping may gentle up a really feel good issue about Southeast Asia as a tech vacation spot and pave the trail for different IPOs.

The area has seen quite a few billion greenback firms rise to the purpose of a public exit, and Sea is main the pile. A profitable IPO may tempt different tech firms in Southeast Asia to check the general public markets with a list of their very own.

The principle beneficiary of the Sea itemizing will likely be Tencent, the biggest shareholder with a 39.7 % share, with Blue Dolphins Enterprise — a company arrange by founder Forrest Li — holding 15 %. Li himself has 20 %, and CTO Gang Ye has 10 %.

Different buyers embrace Hillhouse Capital, Temasek’s SeaTown Holdings and Mistletoe, however their share holdings weren’t disclosed within the submitting.