You are convoluting two separate issues here. A US listing is not contingent up a successful IPO. You can have one without the other. SEA could list without a capital raising....correct?
So whats to stop them from putting up the cash to list? Or what is a good reason not too? It has nothing to do with lack of interest in the US for their IPO, that is separate from the List option.
SEA Price at posting:
$1.33 Sentiment: Buy Disclosure: Held