Tencent-Backed Sea Raises $1.35 Billion in Share Sale
(Bloomberg) -- Sea Ltd., operator of Southeast Asia's biggest gaming platform, has raised $1.35 billion after increasing the size of a follow-on stock offering.
The Singapore-based internet company sold 60 million American depositary shares at $22.50 apiece, or about a 6.5 discount to its last close in New York. An affiliate of Tencent Holdings Ltd. as well as a separate firm linked to one of Sea's directors are expected to buy 6.3 million of those shares at those terms, Sea said in a statement.
Sea is adding to the $14.2 billion Asian-Pacific firms have raised through equity offerings in the U.S. over the past 12 months, according to data compiled by Bloomberg. Chinese e-commerce operator Pinduoduo Inc. priced a $1.6 billion follow-on offering in February after raising a similar amount in a July initial public offering, the data show.
Sea, which counts WeChat operator Tencent as a major shareholder, initially envisioned a sale of 50 million shares. Goldman Sachs and Morgan Stanley are acting as joint bookrunners for the offer, which is expected to close on March 8.
--With assistance from Yoolim Lee.
To contact the reporter on this story: Crystal Tse in Hong Kong at ctse44@bloomberg.net
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
