Shenzhen-based Chinese sports lottery firm 500.com has completed an IPO on the New York Stock Exchange, raising US$75 million by offering 5.8 million ADSs at US$13.
The company had a price range of US$9 to US$11 last month when it initially filed for an IPO.
Sequoia Capital is also investing US$15 million in a private placement at the IPO price.
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.
500.com is listed on the NYSE under the symbol WBAI.