Renren Raises $743 Million in China Social-Networking Site IPO

Wednesday, 04 May 2011 10:00 AM

 

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Renren Inc., China’s biggest social-networking website by page views, raised $743.4 million in its U.S. initial public offering.

The Beijing-based company sold 53.1 million American depositary receipts at $14 each after offering the shares for $12 to $14 apiece, according to a company statement.

Renren is the first social-networking site to go public in the U.S. and will use proceeds to expand in the world’s biggest Internet market by users. The website operator is one of 34 companies to announce plans for U.S. IPOs in April, the busiest month for new filings in the country since August 2007, according to Renaissance Capital LLC, the Greenwich, Connecticut-based IPO investment firm.

China had 457 million Internet users at the end of 2010 and about half of them used social-networking websites, according to data from the government-sponsored China Internet Network Information Center. Renren had 117 million users as of March 31, according to its prospectus.

Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG led Renren’s offering.

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