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Sea Limited seeks US$6.3 billion in one of Southeast Asia's biggest fundraisings

Sea Limited seeks US$6.3 billion in one of Southeast Asia's biggest fundraisings

Southeast Asian e-commerce and gaming group Sea's signage is pictured at their office in Singapore, Mar 5, 2021. (Photo: REUTERS/Edgar Su)

HONG KONG: Singapore technology company Sea Limited plans to raise US$6.3 billion (S$8.5 billion) in a share and convertible bond sale, in one of the region's largest capital raisings, according to the firm's regulatory filing.

The Singapore-headquartered e-commerce and gaming company will sell 11 million American Depository Receipts (ADRs), with the option of offering 1.65 million more as part of a so-called greenshoe option, the filing showed.

At New York-listed Sea's closing stock price on Wednesday (Sep 8) of US$343.8, the share sale could raise up to US$3.8 billion.

It is also raising US$2.5 billion in a convertible bond that has a US$375 million greenshoe attached.

Sea's shares are up 72.72 per cent this year to give the firm a market capitalisation of US$184.93 billion, Southeast Asia's biggest.

In its filings, Sea said it planned to use the proceeds for general corporate purposes, including potential strategic investments and acquisitions.

Source: Reuters/mi

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