Sea Limited Raises Over US$1.5 Billion in Upsized Offering of American Depositary Shares

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 [email protected].

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: [email protected] 
Media: [email protected]

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.

SOURCE Sea Limited