Sea Ltd. Falls After $6.28 Billion Offering, Biggest of 2021

(Bloomberg) — Singapore’s Sea Ltd. fell in postmarket trading on Wednesday after launching the largest secondary offering of 2021 to date.

The online gaming and e-commerce firm is offering 11 million shares, a stake worth about $3.78 billion at Wednesday’s close, plus $2.5 billion of equity-linked debt. The offering follows a runup of more than 70% in the stock this year.

The 11 million shares alone make this offering the biggest since Pinduoduo Inc. raised $4.1 billion on Nov. 18, according to data compiled by Bloomberg. Including the convertible bonds, this is the biggest equity raise since T-Mobile US Inc. in June 2020.

The deal arrives at a time of resurgence in cross-border issuance from Asia. Nio Inc. on Tuesday announced plans to raise up to $2.0 billion in what would be the biggest U.S. offering by a company based in China since Didi Global Inc.


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