Sequoia Capital China-backed 500.com Lists on the NYSE (Asia)
Source: U.S. Securities and Exchange Commission, Greater China Private Equity Review | Author(s): Maggie Lee
China-based sports lottery provider 500.com, backed by venture capital firm Sequoia Capital China and private equity fund Vision Knight Capital, has debuted on the New York Stock Exchange (NYSE). The company closed at US$20 on its first trading day, rising nearly 54 percent from its offer price of US$13. Concurrent with the offering, Sequoia purchased US$15 million worth of Class B ordinary shares in a private placement, while Vision Knight Capital, structured through Vision Knight Capital Fund I, invested US$20 million in exchangeable notes that can be converted to Class B ordinary shares. Sequoia previously bought US$20 million worth of convertible notes in October 2013 that were converted to shares upon completion of the initial public offering.