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Singapore’s Sea raises US$2.6 billion in upsized stock offering

Bloomberg
Bloomberg12/11/2020 03:38 PM GMT+08  • 2 min read
Singapore’s Sea raises US$2.6 billion in upsized stock offering
The company just won a license to open a digital bank in Singapore.
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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.

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