Singapore-headquartered e-commerce and gaming firm Sea Ltd plans to raise $6.3 billion in a share and convertible bond sale, the company announced on Thursday.

The US-listed tech company will sell 11 million American Depositary Receipts (ADRs), with the option of offering 1.65 million more, part of a greenshoe option, according to a statement.

Based on its closing share price on Wednesday of $343.80, the share sale could raise up to $3.8 billion.

Concurrently with the ADS offering, the company also proposed to raise $2.5 billion in a convertible bond which also has a $375 million greenshoe attached.

“The company plans to use the net proceeds from the offerings for business expansion and other general corporate purposes, including potential strategic investments and acquisitions,” Sea said in a statement on Thursday.

Goldman Sachs, J.P. Morgan, and BofA Securities are acting as book-running managers for the offerings.

The 11 million shares alone that Sea is offering will be the biggest equity sale since Chinese e-commerce firm Pinduoduo Inc raised $4.1 billion on Nov 18, according to data compiled by Bloomberg.

Including the convertible bonds, the overall deal will be the biggest equity raise since US wireless network operator T-Mobile US Inc’s in June 2020, Bloomberg reported. The deal also comes at a time of resurgence in cross-border issuance from Asia. Automobile manufacturer Nio Inc on Tuesday announced plans to raise up to $2 billion in what would be the largest US offering by a company based in China since Didi Global Inc, the newswire reported on Thursday.

Earlier on Tuesday, quoting sources, Reuters reported Sea’s e-commerce unit Shopee is preparing to launch in Poland, its first expansion into Europe, where its gaming arm Garena is already active in the region.

Shopee, a dominant e-commerce player in Southeast Asia, was said to be simultaneously preparing to launch in India after aggressively expanding in Latin America since earlier this year. Shopee will also launch in Argentina “in the coming months”, according to sources, as it scales up its global expansion.

Last month, Sea, which is backed by China tech giant Tencent Holdings Ltd, reported a 158.6 percent jump in revenue to $2.3 billion in the second quarter of 2021, mainly driven by growth in the e-commerce business and its digital entertainment business.

Year-to-date, its share price has risen more than 70 percent. The counter closed at $343.8 on Wednesday, giving it a market capitalization of $184.93 billion, making it the most valuable company in Southeast Asia.

Singapore’s Sea Q2 revenue jumps 159% on-year; raises full year 2021 guidance