Sea Limited Initial Public Offering and NYSE Listing

Davis Polk advised the representatives of the underwriters of the initial public offering by Sea Limited of 58,960,000 American Depositary Shares, each representing one Class A ordinary share of Sea, for total proceeds of $884.4 million. Sea has granted the underwriters an option to purchase up to an additional 8,844,000 ADSs. The ADSs are listed on the NYSE under the symbol “SE.”

Sea’s mission is to better the lives of the consumers and small businesses of Greater Southeast Asia with technology. Sea operates three platforms across digital entertainment, e-commerce and digital financial services, known as Garena, Shopee and AirPay, respectively. Sea’s platforms are supported by over 5,000 employees across seven markets.

The Davis Polk team included partner James C. Lin and counsel Faisal Baloch. Partner John D. Paton, counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.