This story appears in the September 2022 issue of Forbes Asia. Subscribe to Forbes Asia
Min-Liang Tan
Bloomberg
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 devices firm 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) a share for Razer, versus the 2017 IPO price of HK$3.88, following the stock’s recent lackluster performance on the Hong Kong exchange. Tan’s net worth rose to $995 million and he moved up six spots to No. 43.
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Razer has said it’s planning to further expand 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 gaming laptops and accessories, Razer has been busy building out what it calls a gaming ecosystem targeted at millennials and Gen Zs.
It has hit a few speed bumps. In 2019, Razer axed its short-lived push into making gaming mobile phones. It also discontinued its business-to-consumer Razer Pay e-wallet app not long after failing to win a digital bank license in Singapore in late 2020.
In 2021, Razer reported a net profit of $46 million, an eightfold increase from the previous year. While the U.S. contributes the most to its topline, the company also has a sizable presence in China and Asia-Pacific, and aims to deepen its foothold in Southeast Asia as well as tap new markets such as Latin America and the Middle East. Tan cofounded the U.S.- and Singapore-headquartered company in 2005 with Robert Krakoff, president emeritus, who passed away in April at age 81.