Firm Represents 500.com Limited in its US$80.4 Million Initial Public Offering of American Depositary Shares on the New York Stock Exchange and US$20 Million Concurrent Private Placement of Ordinary Shares
12.02.13
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The Hong Kong office of the Firm represented 500.com Limited (“500.com") in connection with its initial public offering and listing on the New York Stock Exchange of 5,786,000 American Depositary Shares, each representing ten ordinary shares. 500.com raised a total of US$80.4 million in gross proceeds from the IPO, after the exercise of the underwriters’ over-allotment option. Deutsche Bank Securities Inc. acted as the sole bookrunner and Piper Jaffray & Co. and Oppenheimer & Co. Inc. acted as co-managers for the IPO.
In connection with the IPO, 500.com also raised US$20 million in a concurrent private placement of ordinary shares that was invested by Sequoia Capital.
500.com is an online sports lottery service provider in China. 500.com’s American Depositary Shares are traded on the New York Stock Exchange under the symbol of “WBAI."
The Simpson Thacher team for the IPO included Chris Lin, Dan Fertig, Yu Wang and Yi Gao (Corporate) and Jonathan Cantor, Jodi Sackel and Michael Cardella (Tax). The Simpson Thacher team for the private placement included Chris Lin and Duan Fu.