IDG, Sequoia Capital-Backed 500.com Files For $150M IPO

Shenzhen-based Chinese sports lottery website 500.com has filed for a US$150 million IPO on the New York Stock Exchange.

The company has previously secured venture capital investments of several million U.S. dollars from IDG Capital, Sequoia Capital and SIG Capital in September 2007.

In the first nine months of this year, 500.com’s net income doubled to RMB20.6 million ($3.4 million) from a year earlier, and the company’s sales increased 25% to RMB163.4 million ($26.8 million) during the same period.

Founded in 2001, 500.com now has 400 employees. It is one of two entities authorized by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center.

The company plans to trade under ticker symbol WBAI.

Deutsche Bank Securities and Piper Jaffray are serving as lead underwriters.

 
China Expert network

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