Sea Ltd raises about $6 billion in mega fund raising
The company priced 11 million American Depository Receipts at $318 each, together with $2.5 billion aggregate principal amount of its 0.25% convertible senior notes due 2026.
Singapore-based gaming and e-commerce company Sea Ltd said late on Thursday it has raised about $6 billion in an equity and convertible bond sale, making it Southeast Asia`s largest fund raising according to Refinitiv data.
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The company priced 11 million American Depository Receipts at $318 each, together with $2.5 billion aggregate principal amount of its 0.25% convertible senior notes due 2026.
"The reason for this fund raising could be an early indication that the gaming business is no longer capable of funding the e-commerce and fintech growth," Lightstream Research analyst Oshadhi Kumarasiri said.
Shares of Sea Ltd, which has rapidly grown to become Southeast Asia`s most valuable listed company by market capitalisation, fell 6.1% in New York on Thursday to $322.60, but remain 62% higher for the year.
The company`s stock recorded a nearly five-fold jump last year amid strong demand as pandemic-related restrictions kept people indoors.
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