Sea Ltd, the tech giant of S’pore, will raise $ 8.5 million to fund global expansion plans – Health Guild News

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Singapore technology giant Sea Limited is seeking to raise US $ 6.3 billion (US $ 8.5 billion) to drive global expansion and acquisitions.

The parent company of Shopee, Garena and SeaMoney offers 11 million shares, worth approximately US $ 3.8 billion at the close of the market on Wednesday, Bloomberg reported. It also intends to issue $ 2.5 billion in equity-linked debt.

Sea will use the latest capital for business expansion and other general corporate purposes, including potential investments and strategic acquisitions, the company said in a statement. statement.

The 11 million shares will be the largest equity sale since Chinese e-commerce operator Pinduoduo raised US $ 4.1 billion in 2018. Adding the convertible bonds, the global deal will be the equity increase largest since T-Mobile US Inc. in 2020, data collected from Bloomberg showed.

Sea subsidiary Shopee saw 160% revenue growth in the second quarter of 2021 a year ago / Image Credit: Shutterstock

The value of Sea shares has risen more than 70% this year, driven by rising demand for gaming and e-commerce due to the pandemic.

In August, the technology giant raised its annual forecasts for its two main businesses, Garena and Shopee, reflecting business confidence and increased momentum.

The Tencent-backed consumer technology company is the most valuable company in Southeast Asia and has been rapidly expanding its market share.

Among the game titles from the Garena subsidiary is the Free Fire shooting game, which hit a record more than 150 million daily active users in the second quarter of this year. For Shopee, he posted a file 160.7% growth in revenue during the second quarter of 2021, compared to a year ago.

The increase in Sea’s shares also led to its CEO, Forrest Li, becoming Singapore’s richer person in August.

Other notable fundraisers from the sea include US $ 2.6 billion sale of shares last year, and about 1.35 billion US dollars sale of shares in 2019.

Featured Image Credit: Sea Limited





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