Chinese sports lottery site 500.com sets terms for $58 million IPO
500.com, which is the leading online sports lottery service
provider in China, announced terms for its IPO on Friday. The
Shenzhen, China-based company plans to raise $58 million by
offering 5.8 million shares at a price range of $9 to $11. At the
midpoint of the proposed range, 500.com would command a fully
diluted market value of $329 million.
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.