UPDATE 2-Sea looking to raise $6.3 bln in SE Asia's biggest fundraising

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UPDATE 2-Sea looking to raise $6.3 bln in SE Asia's biggest fundraising

Reuters2021-09-09

* Year's second major capital raising for Sea * Proceeds earmarked for strategic investment, acquisitions * Sea expands in new markets, to roll out Singapore digital bank * Almost five-fold ...

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At Sea's closing stock price of $343.8 in New York on Wednesday, the share sale could raise up to $3.8 billion. \n The combined deal would be the largest ever capital raising for a Southeast Asian company, according to Refinitiv data. \n Sea is \"not really burning through cash\", Aequitas Research director Sumeet Singh said, adding the latest raising \"looks opportunistic rather than something that the company needs.\" \n Given Sea had nearly $7 billion of cash on its balance sheet at the end of first half, this deal will bolster that to nearly $13 billion, Singh, who publishes on Smartkarma, told Reuters. \n Sea, the biggest among all Southeast Asian companies by market value, plans to use the proceeds for general corporate purposes, including strategic investments and acquisitions. \n Sea's Shopee is planning to expand into Europe and India, Reuters has reported. Late last year, Sea also secured a full digital bank licence in Singapore. https://www.reuters.com/article/singapore-banks-idUSL4N2IG32A \n SE ASIA DEALS \n Fintech and e-commerce companies in Southeast Asia have been raising hefty amounts of capital https://www.reuters.com/world/the-great-reboot/southeast-asia-tech-dealmaking-booms-investors-place-post-covid-bets-2021-08-27 as global investors bet on post-pandemic technology plays emerging in the region. \n Sea Shares have risen 72.72% this year, after an almost five-fold jump in 2020 amid strong demand as COVID-19-related restrictions forced people indoors. \n So far in 2021, companies have raised a total of $15.67 billion in equity capital markets in Southeast Asia - the most in three years, Refinitiv data shows - versus $11.8 billion over the corresponding period in 2020. \n Among other deals, Southeast Asia's biggest ride-hailing and delivery firm Grab raised over $4 billion https://www.reuters.com/article/grab-strategy-idCNL4N2MK1MY this year as part of its nearly $40 billion record valuation in a SPAC deal, while sources say Indonesia's biggest tech group Goto is set to complete a pre-IPO funding exercise this year. https://www.reuters.com/technology/indonesias-goto-set-wrap-up-2-bln-funding-round-eyes-ipo-2022-sources-2021-08-19 (Reporting by Scott Murdoch in Hong Kong and Anshuman Daga in Singapore; Editing by Muralikumar Anantharaman and Himani Sarkar)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}