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500.com increases proposed IPO range to $11 to $13, deal size is now $75 million
By: Renaissance Capital
500.com, which is a leading online sports lottery service
provider in China, raised the proposed deal size for its upcoming
IPO on Wednesday. The Shenzhen, China-based company now plans to
raise up to $75 million by offering 5.8 million ADSs at a price
range of $11 to $13. The company had previously filed to offer
the same number of ADSs at a range of $9 to $11. At the high end
of the revised range, 500.com would raise 30% greater proceeds
than previously anticipated.
500.com, 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 on the deal. It is expected to price during the week of November 18, 2013.