500.com, which is a leading online sports lottery service provider in China, raised the proposed deal size for its upcoming IPO on Wednesday. The Shenzhen, China-based company now plans to raise up to $75 million by offering 5.8 million ADSs at a price range of $11 to $13. The company had previously filed to offer the same number of ADSs at a range of $9 to $11. At the high end of the revised range, 500.com would raise 30% greater proceeds than previously anticipated.
500.com, which was founded in 2001 and booked $33 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol WBAI. 500.com initially filed confidentially on December 7, 2012. Deutsche Bank is the sole bookrunner on the deal. It is expected to price during the week of November 18, 2013.
