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

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HONG KONG (March 6): Sea Ltd, operator of Southeast Asia’s biggest gaming platform, has raised US$1.35 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 billion that Asian-Pacific firms have raised through equity offerings in the U.S. 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.