Singapore's online gaming and e-commerce giant Sea Ltd. (Sea Ltd.), known as “Southeast Asia's Little Tencent,” raised about 6 billion US dollars by selling American depository stocks and convertible bonds, making the largest stock sale ever for a Southeast Asian company.
The company sold 11 million American Depositary Shares (ADS) at $318 each, raising approximately $3.5 billion. This price is about 1.4% off the stock's closing price of $322.60 on Thursday.
The stock offering includes possible overallocations, which, if executed, would increase to around $4 billion. This will be the largest stock offering ever for a Southeast Asian company.
Additionally, the company has issued convertible bonds worth $2.5 billion, maturing in 2026, with a coupon interest of 0.25%. The company plans to use these proceeds for commercial expansion, as well as potential investments and mergers and acquisitions.