Singapore’s Sea, the tech startup that’s become Southeast Asia’s most valuable company, increased the size and set the final price of a secondary stock offering to raise at least US$2.57 billion ($3.43 billion).
Sea priced the sale of 13.2 million American Depositary Shares at US$195 each, increasing the size from 11 million because of strong demand, according to a statement. The underwriters, led by Goldman Sachs Group Inc. and JPMorgan Chase & Co., have the option for another 1.98 million ADS, which would yield US$386 million at the same price.
Sea, a games company that has expanded into e-commerce and digital payments, has surged to a market valuation of almost US$100 billion with its shares rising 395% this year alone. It intends to spend the proceeds from the new offering on business expansion, “including potential strategic investments and acquisitions,” the company said in its statement.