Singapore-based digital entertainment company Sea Ltd. announced that it raised over US$1.5 billion in its upsized offering of American depositary shares after selling a total of 69 million shares at US$22.50 apiece.
The company earlier announced plans to sell 50 million shares when the deal was launched. Due to strong investor demand, the offering size was increased to 60 million, with the underwriters fully exercising their option to purchase an additional 9 million ADSs.
The Tencent Holdings Ltd.-backed company expects to use the net proceeds from the offering for business expansion and other general corporate purposes.
Sea Founder and Group CEO Forrest Li said the success of the offering gives the company a "very strong cash position" to support its "ambitious" growth plans.
Goldman Sachs (Asia) LLC and Morgan Stanley & Co. LLC were the joint book runners for the sale, while China International Capital Corp. Hong Kong Securities Ltd. acted as a co-manager for the offering.