New York – Chinese online social network Renren raised $743.4
million in an initial public offering (IPO) on the New York Stock Exchange on
Wednesday, and saw its shares rise as much as 70% in their first day of
trading. Renren counts about 117 million members in China for its social
network; the company also operates a group buying service and an online games
Renren is not yet profitable, but CEO Joseph Chen told Reuters the
company "will definitely very soon" be reporting a profit.
raised venture capital from firms including DCM, which told Bloomberg it
invested $20 million in the company.