Renowned gaming accessories maker Razer is pitching in for a $5 billion initial public offering (IPO) in Hong Kong to help fund development of its own smartphone. The catch here is that the smartphone will be tailor-made to suit the taste and needs of a hardcore gamer.
Razer's quest with the $5 billion IPO powered smartphone is touted to be the biggest tech debuts in the history of Asian financial market, as the gaming gear maker is all set to tap into China's $25 billion gaming market.
According to Bloomberg citing familiar sources, Razer is expected to launch the project sometime in October with the help of revenues garnered from its share sale. The company has declined to comment further on its IPO plans.
Also Read: Destiny 2 Beta: Redditor discovers Infinite Ammo cheat in Inverted Spire Strike
Razer had reportedly signed up a partnership deal with mobile carrier 3 in May and it now makes perfect sense as the gaming accessory maker is all set to expand its user base in the gaming community by selling custom-made handsets for gamers.
Furthermore, Razer is said to be developing a virtual currency called zGold which will be distributed through a software platform that connects 35 million users across the gaming fraternity.
According to survey data from Euromonitor International, the global video games industry is projected to grow by 25 percent to $146 billion in 2020 from the current $117 billion. The Asia-Pacific market is estimated to grow by 39 percent overall in this period, wherein the gaming software would yield around 40 percent growth as opposed to 22 percent growth in the hardware market.
Given the profitability and growth of the video-gaming industry in the coming years, we can only hope that Razer will launch a successful IPO in October.
