March 6 (Reuters) - Singapore-based digital entertainment company Sea Ltd said it has priced its follow-on offering at $22.50 per American depositary share (ADS), valuing the total size of the issue at $1.35 billion.
The offering of 60 million ADSs was set at about 6.5 percent discount to the stock's last close of $24.06 on the New York Stock Exchange.
All the ADSs to be sold in the offering were offered by Sea, with an overallotment option of 9 million ADSs, the company said in a statement dated March 5.
Last week, the company had said it was planning to sell 50 million ADSs, with principal shareholder Tencent Holdings indicating an interest in purchasing $50 million of the offering.
Two entities – affiliated with Tencent Holdings and another with the company's directors - are expected to purchase an aggregate of 6.3 million ADSs, Sea Ltd said, indicating a total size of $141.8 million.
Sea intends to use the proceeds to fund expansion, among other things. (Reporting by Aditya Soni and Rishika Chatterjee in Bengaluru, Editing by Sherry Jacob-Phillips)