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 US$318 each, together with US$2.5 billion aggregate principal amount of its 0.25 percent convertible senior notes due 2026
The company priced 11 million American Depository Receipts at US$318 each, together with US$2.5 billion aggregate principal amount of its 0.25 percent convertible senior notes due 2026.
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"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 capitalization, fell 6.1 percent in New York on Thursday to US$322.60, but remain 62 percent higher for the year.
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The company's stock recorded a nearly five-fold jump last year amid strong demand as pandemic-related restrictions kept people indoors.