China Sports-Lottery Site 500.com Seeks $150 Million in U.S. IPOLee Spears
500.com Ltd., an online sports-lottery operator in China, filed for a $150 million initial public offering in the U.S.
The company didn’t say how many American depositary shares it will offer or at what price in a regulatory filing today. The offering size is a placeholder used to calculate registration fees and may change.
500.com announced its IPO plans as two other China-based Internet businesses, 58.com Inc. and Qunar Cayman Islands Ltd., plan to complete their own initial offerings by the end of this month, data compiled by Bloomberg show. Those two offerings, if completed, will raise the number of U.S. IPOs by Chinese companies this year to five, compared with only two during all of 2012.
Shenzhen-based 500.com offers betting services through the Web and mobile applications and had more than doubled its users to 18.4 million by the end of September, from 8.8 million at the end of 2010, the regulatory filing shows. 500.com plans to use the proceeds for technology upgrades and marketing.
Net income at 500.com almost doubled to 20.6 million yuan ($3.4 million) from a year earlier in the nine months through September, as sales increased 25 percent to 163.4 million yuan, the company said.
500.com has applied to list on the New York Stock Exchange under the symbol WBAI. Deutsche Bank AG is managing the offering.
Sungy Mobile Ltd., a Guangzhou-based provider of mobile applications, also filed today to raise $80 million in a U.S. IPO. That amount is also a placeholder that may change. The company offers a software platform used for managing applications on Google Inc.’s Android mobile operating system, it said in a filing.
Credit Suisse Group AG and JPMorgan Chase & Co. are leading Sungy Mobile’s offering. The company has applied to list on the NYSE under the symbol GOMO.