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May 3, 2011

China Social Network ‘RenRen’ To Launch IPO

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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

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