Singapore’s Sea Ltd., Southeast Asia’s most valuable startup, raised about $884 million in its initial public offering in New York.
The company sold 59 million American depositary shares for $15 apiece, according to a statement Friday, offering more shares and pricing them above its initial range of $12 to $14 each. The total amount may be more than $1 billion if an option to sell additional shares is exercised, according to a person familiar with the matter, asking not to be identified because the matter is private.
The games company is backed by Tencent Holdings Ltd. and has benefited from the Chinese company’s support. Sea licenses games from Tencent, which also holds a stake of about 40 percent in the smaller company. Investors are scooping up Sea’s shares despite rising losses at the company as it diversifies into e-commerce and payments. Sea had a net loss of $165.2 million in the first half of the year on revenue of $195.5…