China Social Network ‘RenRen’ To Launch IPO

RenRen China Social Network

RenRen China Social NetworkRenRen, China’s most trafficked social network will launch an IPO on the New York Stock Exchange on Wednesday, an IPO that is expected to raise $734.4 million and value the company at approximately $5 billion.

According to Mashable’s Jennifer Van Grove:

Renren is offering shares at $12 to $14, a 30% increase over its suggested offering of $9 to $11 per share just one week ago.

If the company reaches the $13 mid-point it will have a valuation of $5.1 billion, not bad for a company that has only 117 million users of which only 31 million actually access the site at least one-time per month.

RenRen is in many ways a Facebook clone, when Facebook announced a “Like” button, RenRen shortly followed suit, when Facebook announced Groups, RenRen again jumped onboard. The one big difference is that RenRen charges brands upwards of $90,000 to create a fan page, an offering made available by Facebook for free. [Read more…]