Chinese Social Network Renren Files For U.S. IPO Under The Symbol “RENN”
In late February I wrote about how Chinese Facebook clone Renren.com has filed for an IPO in the U.S. Some additional details about the IPO has been disclosed now. Renren.com plans on raising up to $573.1 million in the IPO.
Renren.com is owned by Oak Pacific Interactive. Renren has about 117 million registered users and just like Facebook, there is location-sharing, a “like” feature, and status updates. Renren.com and some of their shareholders are offering 52.1 million American Depository Shares (ADS) in the U.S. stock market.
Renren.com is expecting their IPO to be priced between $9 and $11 per ADS. Renren.com plans on listing under the New York Stock Exchange under the symbol “RENN.” Morgan Stanley, Deutsche Bank Securities, and Credit Suisse plans on underwriting the IPO.
In 2010, Renren.com made $76.5 million in revenues. They had a net loss of continuing operation of about $61.2 million plus charges.
[Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry