- Briefing Your roundup of Asian tech and startup news that matter
Miguel Cordon · · 1 min readSea to raise $6.3b in year’s largest equity offering to date
“Sea aims to raise US$6.3 billion in the largest equity offering of the year, a deal that will propel a global expansion and acquisitions for Southeast Asia’s largest company,” Bloomberg reported.
Details:
- The Singapore-born internet titan is offering 11 million shares worth roughly US$3.8 billion and looks to issue US$2.5 billion of equity-linked debt.
- A DBS Group analyst told Bloomberg that the equity deal comes as Sea gears up for market expansion, including those of Shopee in Latin America and its food delivery business in Southeast Asia.
Dive deeper
- Sea just reported an over 2x increase in its second quarter GAAP revenue to log US$2.3 billion, while its net loss widened by 10.2% to US$433.6 million. (Read: Shopee’s surge pushes Sea Group’s revenue to $2.3b in Q2)
- The company also recently launched ShopeeFood in Vietnam through the rebranding of NowFood, a local service it acquired in 2017. Prior to this, ShopeeFood was already available in Indonesia and Malaysia.
Editing by Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
