Here’s another edition of our top stock highlights where we feature the latest groundbreaking corporate news and updates.
Sea Limited (NYSE: SE)
Sea Limited is an e-commerce giant with three main divisions — digital entertainment (i.e. gaming) under Garena, e-commerce under Shopee, and digital payments branded under SeaMoney.
Two days ago, the company proposed to raise money through an offering of 11 million American Depository Receipts (ADS) and US$2.5 billion in the aggregate principal amount of notes.
Sea ended up upsizing this share offer to 11 million ADS due to strong institutional demand and priced each ADS at US$318 per share. The equity offering will raise around US$3.8 billion.
In total, the company raised around US$6.3 billion.
Underwriters Goldman Sachs (NYSE: GS) and JPMorgan Chase & Co (NYSE: JPM) have the option to purchase an additional 1.98 million ADS which could raise a further US$386 million for the company at the same price.
This news caused Sea Limited’s shares to...