Renren (RENN) IPO Prices at $14, Top End of Range

May 4, 2011 9:02 AM EDT
After initial reports that it was delayed, it is now confirmed that the IPO for China's leading search engine Renren Inc. (NYSE: RENN) has priced. Shares will open later today on the NYSE under the symbol "RENN."

Renren sold 53.1 million shares at $14, the top end of the $12-$14 range which was recently raised from $9-$11.

A number of China Internet stocks have been moving ahead of the Renren IPO and today's open of the new issue could increase volatility: Baidu (Nasdaq: BIDU), Sina Corp. (Nasdaq: SINA), Inc. (Nasdaq: SOHU), E-Commerce China Dangdang Inc. (NYSE: DANG), Inc (NYSE: YOKU), Qihoo 360 Technology Co. Ltd. A (NYSE: QIHU).

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