The enormous amounts of money surrounding IPO's from internet offerings are continuing to dazzle the imagination. Most recently a Chinese internet firm hit the news as being after a large IPO in the United States. International Business Times reported on Oct. 23, 2013, "China’s Sports-Lottery Site 500.Com Files For $150 Million IPO In The US." 500.com has applied to be listed on the New York Stock Exchange, or NYSE, under the ticker symbol, WBAI, according to the regulatory filing.
Deutsche Bank AG (NYSE:DB) will manage the IPO. The firm has stated it plans to utilize the proceeds from the public offering for technology upgrades and for marketing purposes. 500.com is based in Shenzhen city in southern China's Guangdong Province, and offers betting services online as well as via mobile applications. The firm claims to have a user base of about 18.4 million, with an income of about 20.6 million yuan ($3.4 million) in the nine-month period ended in September.
Bloomberg has reported, "China Sports-Lottery Site 500.com Seeks $150 Million in U.S. IPO." It has been confirmed that 500.com Ltd., which is an online sports-lottery operator in China, has filed for a $150 million initial public offering in the U.S. 500.com looks like it could be an interesting investment opportunity.