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Sea Ltd raises about $6 billion in mega fund raising

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September 10, 2021

(Reuters) – Southeast Asian technology giant Sea Ltd said it has raised about $6 billion in an equity and convertible bond sale.

Sea has priced 11 million American Depository Receipts at $318 each, the company said late on Thursday, together with $2.5 billion aggregate principal amount of its 0.25% convertible senior notes due 2026.

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The combined deal is Southeast Asia’s largest fund raising, according to Refinitiv data.

Sea is a Singapore-based e-commerce and gaming company that has rapidly grown to become Southeast Asia’s most valuable listed company by market capitalisation.

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The company’s shares fell 6.1% in New York on Thursday to $322.60, but remain 62% higher for the year.

Sea’s shares recorded an almost five-fold jump in 2020 amid strong demand as pandemic-related restrictions kept people indoors.

(Reporting by Aakriti Bhalla and Kanishka Singh in Bengaluru and Scott Murdoch in Hong Kong; Editing by Shounak Dasgupta)

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