Southeast Asian technology company Sea Ltd plans to raise US$6.3 billion in a share and convertible bond sale, in one of the region’s largest-ever capital raisings, according to a regulatory filing by the firm.
The Singapore-headquartered e-commerce and gaming company – parent of Shopee – 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.
Earlier this week, Inside Retail and Reuters reported that Sea was planning an expansion into Europe, with Poland as its first stop.
At New York-listed Sea’s closing stock price on Wednesday of $343.8, the share sale could raise up to $3.8 billion.
It is also raising $2.5 billion in a convertible bond that has a $375 million greenshoe attached.
Sea’s shares are up 72.72 per cent this year to give the firm a market capitalisation of $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.
- Reporting by Scott Murdoch in Hong Kong; Editing by Muralikumar Anantharaman, of Reuters.
- Main image credit: @KookkaiFoto via Twenty20.