Renren raises USD 743 mln in IPO, shares soar 30%

News Broadband China 5 MEI 2011
Renren raises USD 743 mln in IPO, shares soar 30%
Chinese social network Renren raised USD 743.4 million in its initial public offering of shares in New York. The company priced the 53.1 million American depositary shares on offer at USD 14 each, and the ADS started trading on the New York Stock Exchange on 4 May. Renren offered 42.9 million shares, and the remainder came from selling shareholders. The company has granted the underwriters a 30-day option to purchase up to an additional 7.965 million ADS at the initial public offering price to cover over-allotments, if any. Renren's shares finished their first day of trading up almost 30 percent from the offering price.

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Messaging, Shareholders & subsidiaries, Portals / social media, Financial funding

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