IPO

Chinese social networking site Renren files for U.S. IPO

Reuters News
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Posted: Apr 15, 2011 5:59 PM

(Reuters) - China's largest social networking site Renren filed for an initial public offering with U.S. regulators to raise up to $573.1 million.

Renren Inc and some of its shareholders are together offering about 52.1 million American Depository Shares (ADS). The company expects the IPO to be priced between $9 and $11 per ADS.

Renren intends to list on the New York Stock Exchange under the symbol "RENN." Underwriters for the IPO include Morgan Stanley, Deutsche Bank Securities and Credit Suisse.

In the filing, Renren said its website had about 117 million activated users as of March 31, 2011.

Renren is owned by Oak Pacific Interactive which also owns Nuomi, a website featuring daily deals similar to the popular U.S. website Groupon, and Mop, an online community in China.

In 2010, Renren had revenue of about $76.5 million and a net loss from continuing operations of $61.2 million including some charges.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Don Sebastian)