Singapore’s Neon to consider $200 million funding round, sources say
By Elffie Chew and Manuel Baigorri
(Bloomberg) — Neon is considering raising about $200 million in fresh capital as the immersive entertainment group looks to expand its business, according to people familiar with the matter.
The Singapore-based company is working with advisers on the fundraising, said the people, who asked not to be identified as the information is private. A new round would follow an S$150 million ($115 million) investment last year by 65 Equity Partners, which is owned by Singapore state investment firm Temasek Holdings Pte.
Considerations are at an early stage and details of the fundraising could still change, the people said. A representative for Neon declined to comment.
Founded in 1956, Neon produces immersive experiences and exhibitions with franchises including Marvel’s Avengers, Jurassic Park and The Hunger Games, according to its website. The company also partners with the governments of Peru and Egypt for original artifact IP experiences — with exhibitions like “Machu Picchu and the Golden Empires of Peru” and “Ramses the Great and the Gold of the Pharaohs.”
The company, formerly known as Cityneon, raised about S$5.3 million in an initial public offering in Singapore in 2005. A consortium led by Hong Kong entrepreneur Johnson Ko and Cityneon Executive Chairman Ron Tan took the firm private in a S$318 million deal in February 2019.
In 2021, Neon raised S$235 million from investors including Pavilion Capital, Temasek’s Seatown Holdings International unit and an investment arm of Singapore’s Economic Development Board. It also counts Chinese private equity firm Citic Capital and Qatar’s Doha Venture Capital among its backers.
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