(Bloomberg) -- Singaporean online gaming and e-commerce firm Sea Ltd. has raised about $6 billion in a sale of U.S. shares and convertible bonds, in the biggest ever equity offering by a Southeast Asian company.

Sea priced 11 million American depositary shares at $318 each, according to a statement, raising about $3.5 billion and confirming an earlier Bloomberg News report. The share price represents a discount of about 1.4% to the Tencent Holdings Ltd.-backed company’s last close of $322.60 in New York. 

The share offering includes a potential overallotment which, if exercised, would increase its size to about $4 billion. It would be the largest share sale by a Southeast Asian firm since Singapore Telecommunications Ltd.’s $1.8 billion sale in 1996, according to data compiled by Bloomberg.

The company also priced $2.5 billion in convertible bonds due in 2026, paying a 0.25% coupon, the statement showed. Sea plans to use the proceeds for purposes including business expansion and potential strategic investments and acquisitions. 

Southeast Asia’s most valuable company has rapidly expanded its market share in e-commerce and gaming during the pandemic, riding hit titles like shooter game Free Fire as well as its Shopee online shopping app. Its founder Forrest Li became Singapore’s richest person in August after shares of his company surged.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are arranging the deal.


(Updates with confirmation of pricing and details throughout.)

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