Sea Ltd raises around $ 6 billion in mega fundraiser

Sept. 9 (Reuters) – Singapore-based games and e-commerce company Sea Ltd (SE.N) said on Thursday evening it had raised around $ 6 billion in a sale of stocks and convertible bonds, making it made the largest fundraiser in Southeast Asia according to Refinitiv Data.

The company valued 11 million American Depository Receipts at $ 318 each, along with a total principal amount of $ 2.5 billion of its 0.25% convertible senior notes due 2026.

“The reason for this fundraising could be an early indication that the games industry is no longer able to finance the growth of e-commerce and fintech,” said Oshadhi Kumarasiri, analyst at Lightstream Research.

Shares of Sea Ltd, which has grown rapidly to become Southeast Asia’s most valuable listed company by market capitalization, fell 6.1% in New York on Thursday to $ 322.60, but remain 62% higher for the year.

The company’s shares nearly quintupled last year amid strong demand, with pandemic restrictions keeping people indoors.

Reporting by Aakriti Bhalla and Kanishka Singh in Bengaluru and Scott Murdoch in Hong Kong; Editing by Shounak Dasgupta

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