Shopee owner receives $6 billion in Southeast Asia’s largest fundraising

Jackie Chan in Shopee commercial (Official Shopee/YouTube/Reproduction)

Jackie Chan in Shopee commercial (Official Shopee/YouTube/Reproduction)

SAO PAULO – Sea, a conglomerate that brings together e-commerce and games in Singapore, raised around US$ 6 billion in an operation to sell shares and convertible bonds. According to the Refinitive, this was the largest fundraising ever seen in Southeast Asia.

Sea sold 11 million American Depository Receipts (ADR), the stock receipts of non-US companies traded in the United States, at $318 each. It also issued $2.5 billion in convertible bonds.

If a surplus lot is exercised in the sale of shares and issuance of the bonds, the amount raised could rise to US$6.9 billion, according to the news agency Reuters.

The new funding through ADRs and bonds comes less than a year after Sea’s last capital injection. The company had already raised $2.6 billion in December 2020. Sea said it plans to use the money for “strategic investments and potential acquisitions.”

The Singaporean giant operates the e-commerce site Shopee – which has been in Brazil since 2019, but has been investing more in marketing recently and has become the country’s most downloaded app in the e-commerce category, according to the Reuters. Sea also owns Garena, a distributor of games such as League of Legends, FIFA Online and Free Fire.

The company’s ADR, traded on the New York Stock Exchange (NYSE), rose 4% at 1:30 pm Brasília time. Each share receipt is priced at $335.51. The company has a market value of about $180 billion registered on the NYSE.

Discover XP’s action plan for you to transform the challenges of 2022 into investment opportunities.