500.com (WBAI) IPO Surges Higher

November 22, 2013 9:57 AM EST
The IPO for 500.com Limited (NYSE: WBAI) opened for trading at $20 after pricing 5,786,000 ADSs, each representing ten Class A ordinary shares of the Company, at $13. Shares have continued higher to $21.54.

The underwriters have been granted an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 867,900 additional ADSs at US$13.00 per ADS.

Deutsche Bank Securities Inc. is acting as sole bookrunner, and Piper Jaffray & Co. and Oppenheimer & Co. Inc. are acting as co-managers, for the offering.

500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.

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