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The company priced 11 million American Depository Receipts https://refini.tv/3E3K4VS at $318 each, together with $2.5 billion aggregate principal amount of its 0.25% convertible senior notes due 2026.
“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,” Lightstream Research analyst Oshadhi Kumarasiri said.
Shares of Sea Ltd, which has rapidly grown to become Southeast Asia’s most valuable listed company by market capitalisation, fell 6.1% in New York on Thursday to $322.60, but remain 62% higher for the year.
The company’s stock recorded a nearly five-fold jump last year amid strong demand as pandemic-related restrictions kept people indoors.
