SINGAPORE, March 10, 2019 /PRNewswire/ -- Sea Limited (NYSE:
SE) ("Sea" or the "Company") today announced the closing of its
previously announced offering of 60,000,000 American Depositary
Shares ("ADSs"), each representing one Class A ordinary share of
the Company, at US$22.50 per ADS. In
response to strong investor demand, the offering size was increased
from an initial 50,000,000 ADSs as announced when the Company
launched the deal. The underwriters of the offering have also fully
exercised their option to purchase an additional 9,000,000 ADSs on
the same terms and conditions, bringing the total number of ADSs
offered to 69,000,000 and the total amount of funds raised to over
US$1.5 billion.
Sea expects to use the net proceeds from this offering for
business expansion and other general corporate purposes.
"With the success of this offering, we have a very strong cash
position supporting our ambitious growth plans," said Forrest Li, Founder and Group Chief Executive
Officer of Sea. "Shopee's rapid ascent to regional leadership in
just three years is a great example of how we allocate capital
smartly and nimbly to capture the significant opportunities in our
region's rapidly growing digital economy. Shopee is now firmly
established as the largest and most popular e-commerce platform in our region, and
scaling with ever-greater efficiency. We intend to continue to
invest in solidifying its leadership position, and enhancing the
long-term sustainability of the platform."
Mr. Li continued, "The global smash hit success of our first
self-developed game, Free Fire, has also opened up exciting new
opportunities for our digital entertainment business, Garena. Free
Fire has quickly become one of the most popular mobile games in the
world, particularly in fast-growth markets like Southeast Asia and Latin America. Building on our unrivalled
experience serving gamers in Southeast
Asia, and our pipeline of new game titles, we plan to expand
Garena's capabilities to identify and address the needs of more
gamers in more of these important markets globally."
Goldman Sachs (Asia) L.L.C. and
Morgan Stanley & Co. LLC acted as joint bookrunners and China
International Capital Corporation Hong Kong Securities Limited
acted as a co-manager for the offering.
The offering was made pursuant to a shelf registration statement
on Form F-3ASR (File No. 333-230021), which became automatically
effective upon filing with the U.S. Securities and Exchange
Commission ("SEC") on March 1, 2019,
and a prospectus supplement and the accompanying prospectus, copies
of which are available at the SEC website at: http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus may be obtained from Goldman Sachs & Co. LLC, 200
West Street, New York, NY
10282-2198, Attn: Prospectus Department, by telephone at
212-902-1171, or Morgan Stanley & Co. LLC, 180 Varick Street,
New York, NY, 10014, Attn:
Prospectus Department, by telephone at 1-866-718-1649, or by e-mail
at prospectus@morganstanley.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
For further information, please contact:
Investors / analysts: ir@seagroup.com
Media: media@seagroup.com
About Sea Limited
Sea's mission is to better the lives of the consumers and small
businesses of our region with technology. Our region includes the
key markets of Indonesia,
Taiwan, Vietnam, Thailand, the
Philippines, Malaysia and
Singapore. Sea operates three
platforms across digital entertainment, e-commerce, and digital
financial services, known as Garena, Shopee, and AirPay,
respectively.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "may," "will,"
"expect," "anticipate," "future," "intend," "plan," "believe,"
"estimate," "is/are likely to," "confident" or other similar
statements. Sea may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. All
information provided in this press release is as of the date of the
issuance, and the Company assumes no obligation to update the
forward-looking statements in this press release and elsewhere
except as required under applicable law. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in Sea's annual report
on Form 20-F for the fiscal year ended December 31, 2018 and other filings with the
Securities and Exchange Commission.
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SOURCE Sea Limited