IDG, Sequoia-Backed 500.com Completes $75M IPO


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.

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

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.

 
China Expert network

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