Chinese sports lottery site 500.com files for a $150 million IPO

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500.com, which is the leading online sports lottery service provider in China, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering. The Shenzhen, China-based company, which was founded in 2001 and booked $33 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol WBAI. 500.com initially filed confidentially on December 7, 2012. Deutsche Bank is the sole bookrunner listed in the preliminary prospectus. No pricing terms were disclosed.



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