Sea Group has closed its offering of 60 million American depositary shares (ADSs) at US$22.50 per share, raising over US$1.5 billion.
Forrest Li, founder and group CEO at Sea / Photo credit: Sea
The company intends to use the net proceeds for “business expansion and other general corporate purposes.” It plans to invest more in “solidifying Shopee’s position [as a leading ecommerce player in Southeast Asia] and enhancing the long-term sustainability of the platform,” said Forrest Li, founder and CEO of Sea.
He adds that the company plans to expand the capabilities of its gaming unit Garena, following the success of its first self-developed game Free Fire.
Editing by Charmaine de Lazo
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