Tencent-backed Sea to raise US$1.35 bil in US share sale

Tencent-backed Sea to raise US$1.35 bil in US share sale

By: 
Bloomberg
06/03/19, 02:41 pm

(Mar 6): Sea, operator of Southeast Asia’s biggest gaming platform, has raised US$1.35 billion ($1.83 billion) after increasing the size of a follow-on stock offering.

The Singapore-based internet company sold 60 million American depositary shares at US$22.50 each, or about a 6.5% to its last close in New York. An affiliate of Tencent Holdings 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 US$14.2 billion Asian-Pacific firms have raised through equity offerings in the US over the past 12 months, according to data compiled by Bloomberg. Chinese e-commerce operator Pinduoduo Inc priced a US$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.

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