Southeast Asia largest company Sea Ltd. aims to raise US$6.3 billion in the largest equity offering of the year. — Sea Ltd. aims to raise US$6.3 billion in the largest equity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company.
The region’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire and its Shopee online shopping app. Its founder Forrest Li became Singapore’s richest person in August after shares of his company surged.
The deal, offered via Goldman Sachs, JPMorgan and BofA, arrives at a time of resurgence in cross-border issuance from Asia. Nio Inc. on Tuesday announced plans to raise up to US$2.0 billion in what would be the biggest U.S. offering by a company based in China since Didi Global Inc. The stock has risen more than eightfold since the beginning of 2020 as Sea invests cash generated from popular mobile battle royale game Free Fire to establish itself as a leader in e-commerce in Southeast Asia. At the same time, it has expanded its online shopping business in Brazil as part of a strategy to become a global player, increasing competition with Latin American e-commerce giant MercadoLibre Inc.
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