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US IPO for 500.com

Chinese online sports-lottery operator 500.com has filed for a $150 million (€109 million) initial public offering (IPO) on the New York Stock Exchange in the United States.

The Bloomberg news agency said that the company has not indicated how many American depositary shares it will offer or the price of the shares.

Shenzhen-based 500.com offers betting services through online and mobile applications and had 18.4 million customers by the end of September. In the first nine months of 2013, 500.com’s net income almost doubled year-on-year to $3.4 million, with sales increasing by 25%.

The company said that it plans to use the proceeds from the IPO for technology upgrades and marketing.

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