500.com seeks US IPO for $150 million

Chinese owned online sports and lottery operator, 500.com, filed for a $150 million IPO in the United States, however this is but a placeholder to calculate registration fees and is sure to change soon. 500.com hasn’t yet announced how many US depositary shares it is going to offer and at what price.

The IPO plans were announced together with two other IPO offerings by Chinese corporations: 58.com Inc and Qunar Cayman Islands Ltd. Both these companies plan to make the initia offering at the end of October. If all these offerings go through, the number of US IPO’s by Chinese corporations in 2013 will have raised to five. In 2012 it was only two.

500.com is based in Shenzen and offers online and mobile wagering services. It increased its user-base by more than double at the end of September from almost 9 million in 2010 to over 18 million. The corporation is planning to use the income from the offering to upgrade its technology and up its marketing strategy.

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