Saturday, 2024 March 2

Sea Group seeks to raise up to USD 7.2 billion in Southeast Asia’s largest ever equity round

Singapore-based Sea Group announced on Thursday that it is offering to sell up to USD 7.2 billion in shares. This is the largest ever fundraising deal for a Southeast Asian company.

The tech giant plans to offer 11 million American depositary shares, with the option to sell an additional 1.65 million shares. This would raise USD 3.8 billion, or 4.3 billion with the additional sale, based on the Wednesday closing price of Sea’s stock on the New York Stock Exchange. The company is also offering a convertible bond sale to raise USD 2.5 billion, with an option to purchase additional bonds for USD 375 million.

Sea Group reported its Q2 earnings in early August. It logged USD 930.9 million in gross profits for the second quarter, registering 363.5% year-on-year growth. However, the firm’s net losses hit USD 433.7 million in the second quarter, up 10.2% YoY.

Last December, the firm looked to raise up to USD 2.6 billion via a share offering.

Read this: Anger boils in Indonesia as Shopee allegedly underpays its couriers


Related Read