The news (extracted from The Financial Times):
Singaporean internet company Sea is seeking to raise more than US$1 billion via its IPO on the New York Stock Exchange later today, The Financial Times reports.
Sea has priced its stock at US$15 per share, above the range of US$12 to US$14 it had indicated in an earlier regulatory filing.
Chinese tech giant Tencent, which currently owns a 39.8 percent equity interest in Sea, told the Times it may participate in the IPO by subscribing to up to US$100 million of shares.
The higher share price is due to a “greenshoe option” allowing the IPO’s underwriters to sell more shares than initially planned.
This typically occurs when demand for the stock is higher than expected.