Sea Ltd raises about US$6 billion in mega fund raising
FILE PHOTO: A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at their office in Singapore, March 5, 2021. REUTERS/Edgar Su
Singapore-based gaming and e-commerce company Sea Ltd said late on Thursday it has raised about US$6 billion in an equity and convertible bond sale, making it Southeast Asia's largest fund raising according to Refinitiv data.
The company priced 11 million American Depository Receipts at $318 each, together with $2.5 billion aggregate principal amount of its 0.25 per cent convertible senior notes due 2026.
"The reason for this fund raising could be an early indication that the gaming business is no longer capable of funding the e-commerce and fintech growth," Lightstream Research analyst Oshadhi Kumarasiri said.
Shares of Sea Ltd, which has rapidly grown to become Southeast Asia's most valuable listed company by market capitalisation, fell 6.1 per cent in New York on Thursday to $322.60, but remain 62 per cent higher for the year.
The company's stock recorded a nearly five-fold jump last year amid strong demand as pandemic-related restrictions kept people indoors.
