Singapore-based gaming company raises $6bn

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Singapore-based gaming company raises $6bn

By Alexandra Leonards

10/9/2021

Sea Ltd, the Singaporean gaming and e-commerce platform, has raised around $6 billion in an equity and convertible bond sale.

According to Refinitiv, this represents the largest fund-raising round in Southeast Asia’s history.

In a financial statement, the company revealed that it priced 11 million American Depositary Shares (Ads) at $318 each.

"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," said Lightstream research analyst Oshadhi Kumarasiri in an interview with Reuters on Thursday.

Shares in the company reportedly dropped by 6.1 per cent in New York to £322, but were still 62 per cent higher for the year.

The news agency said that Sea is currently Southeast Asia’s most valuable listed company by market capitalisation.

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