Trading opened at US$16.25, before the price dropped below the US$15 mark over the next couple of hours. It rallied in the afternoon and to close on US$16.20, up 8.4%. The Tencent-backed company had boosted the original offer size of 49.69 million shares by 18.7% in response to strong demand.
Shares of Sea Limited (NYSE: SE) were getting crushed today as the Southeast Asian video game and e-commerce company was one of many high-growth, unproiftable companies to spiral lower as investors move to safer stocks in preparation for a higher-interest environment. There was no company-specific news out on Sea Limited, but heavy selling last.
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