Renren (RENN) IPO Jumps Higher

May 4, 2011 9:39 AM EDT
The IPO for Renren (NYSE: RENN), referred to as the 'China Facebook', is open for trading. Shares are trading at $19.80 after pricing 53,100,000 American depositary shares at $14, the high end of the expected $12-$14 range.

Morgan Stanley, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC acted as global coordinators, BofA Merrill Lynch and Jefferies & Company, Inc. acted as joint bookrunners, and Pacific Crest Securities LLC and Oppenheimer & Co. Inc. acted as co-managers, for the offering.

Renren Inc. operates the leading real name social networking internet platform in China as measured by total page views and total user time spent on social networking websites in February 2011, based on data issued in March 2011 by iResearch.

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