Chinese Social Network Renren Went Public Today, Hoping To Raise $743.3 Million

Posted May 3, 2011

Renren Inc (NYSE:RENN) is the largest social network in China based on pageviews. The company is hoping to raise $743.4 million as they went public today. Renren is offering 53.1 million American depositary receipts for about $12-$14 each. Renren may have a market value of around $5.1 billion. Renren means “everyone” in Chinese. They have over 117 million users. Renren was able to gain traction as Facebook has been banned in China. [BusinessWeek]