Tencent-backed Sea to raise RM5.5b in US share sale

By BLOOMBERG

SINGAPORE • Sea Ltd, operator of South-East Asia’s biggest gaming platform, has raised US$1.35 billion (RM5.54 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 apiece, or about a 6.5 discount to its last close in New York. An affiliate of Tencent Holdings Ltd, 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 bill ion Asian-Paci f ic 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 showed.

Sea, which counts WeChat operator Tencent as a major shareholder, initially envisioned a sale of 50 million shares. Goldman Sachs Group Inc and Morgan Stanley are acting as joint bookrunners for the offer, which is expected to close tomorrow. — Bloomberg