Tencent-Backed Sea Raises $1.35 Billion in Share Sale

(Bloomberg) -- Sea Ltd., operator of Southeast Asia’s biggest gaming platform, has raised $1.35 billion after increasing the size of a follow-on stock offering.

The Singapore-based internet company sold 60 million American depositary shares at $22.50 apiece, or about a 6.5 discount to its last close in New York. An affiliate of Tencent Holdings Ltd. as well as a separate firm linked to one of Sea’s directors are expected to buy 6.3 million of those shares at those terms, Sea said in a statement.

Sea is adding to the $14.2 billion Asian-Pacific firms have raised through equity offerings in the U.S. over the past 12 months, according to data compiled by Bloomberg. Chinese e-commerce operator Pinduoduo Inc. priced a $1.6 billion follow-on offering in February after raising a similar amount in a July initial public offering, the data show.

Sea, which counts WeChat operator Tencent as a major shareholder, initially envisioned a sale of 50 million shares. Goldman Sachs and Morgan Stanley are acting as joint bookrunners for the offer, which is expected to close on March 8.

--With assistance from Yoolim Lee.

To contact the reporter on this story: Crystal Tse in Hong Kong at ctse44@bloomberg.net

To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert

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