Founder of gaming device company Razer gets a boost after taking the company private
This story appears in the September 2022 issue of Forbes Asia. Subscribe to Forbes Asia
This story is part of Forbes’ coverage of Singapore’s Richest 2022. See the full list here.
Five years after the highly anticipated IPO of global gaming device company Razer, Chairman and CEO Min-Liang Tan led a group to take the company private, valuing it at $3.2 billion. The delisting in May saw Tan offer HK$2.82 (36 cents) per share for Razer, down from the IPO price of HK$3.88 in 2017, following Razer’s recent lackluster performance. the stock on the Hong Kong Stock Exchange. Tan’s net worth rose to $995 million and he climbed six places to 43rd.
Razer said it plans to further grow its software and fintech business, which now accounts for 10% of its $1.6 billion annual revenue. The company is also exploring decentralized finance, or DeFi, and blockchain opportunities. Known for its laptops and gaming accessories, Razer has been busy building what it calls a gaming ecosystem for millennials and Gen Z.
He encountered a few speed bumps. In 2019, Razer ended its short-lived effort to make gaming mobile phones. It also discontinued its business-to-consumer Razer Pay e-wallet app shortly after it failed to obtain a digital banking license. in Singapore at the end of 2020.
In 2021, Razer reported net income of $46 million, an eightfold increase from the previous year. While the United States contributes the most to its revenue, the company also has a significant presence in China and Asia-Pacific, and aims to deepen its presence in Southeast Asia as well as exploit new markets such as Latin America and the Middle East. Tan co-founded the US and Singapore-based company in 2005 with Chairman Emeritus Robert Krakoff, who died in April at the age of 81.