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Edition: U.S. Article Comments (1) Deals Glencore IPO to make billionaires of bosses Applied Materials to buy Varian for $4.9 billion ICE CEO Sprecher blasts NYSE's board ConAgra raises offer for Ralcorp to $4.9 billion Siemens seeking acquisitions to tap growth Dealtalk: Actelion meet could poison Elliott Dunkin' Brands files for IPO of up to $400 million Exclusive: TDF owners consider IPO to cut debt Renren shares surge in NYSE debut H&M: no basis to rumor regarding Gap deal Two bidders drop out of race for Citi unit: report Follow Reuters Facebook Twitter RSS YouTube Read Most U.S. voters say "no" to Palin or Trump in 2012 10:39am EDT Bush declines Obama's invitation to "Ground Zero" | 8:26am EDT Instant View: Private sector adds 179,000 jobs in April 8:38am EDT Obama decides not to release bin Laden photos | 4:32pm EDT Teens plead guilty to bullying girl who killed herself 2:40pm EDT Discussed 167 Obama to make statement late Sunday, White House says 119 Concerns raised over shooting of unarmed bin Laden, burial 110 Donald Trump calls U.S. leaders ”stupid” Watched Bin Laden unarmed when killed - White House Tue, May 3 2011 Video of bin Laden compound fire Mon, May 2 2011 Fire ants form rafts to defy floods Tue, Apr 26 2011 Renren's big day, a prelude to Facebook IPO Tweet Share this By Clare Baldwin and Alina Selyukh NEW YORK (Reuters) - Renren's spectacular IPO could be the curtain raiser for what is to come if the world's No. 1 social networking site, Facebook, goes public next year. Shares of Renren Inc, China's largest... Email Print Related News Glencore $11 billion IPO to make billionaires of bosses 2:13pm EDT Renren IPO pricing delayed until Wednesday -sources 8:01am EDT Wall Street falls as earnings fears threaten rally Tue, May 3 2011 Bin Laden rally gives way to long-term doubts Mon, May 2 2011 Exclusive: Facebook investors look for exits Thu, Apr 28 2011 Analysis & Opinion PeopleDeals offers its spin on group buying Tech wrap: Microsoft earnings fail to excite Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Hot Stocks » Asian Markets » Media » Facebook » Stocks China's Renren Inc. Chairman and Chief Executive Officer, Joseph Chen (C) is joined by executives and guests as he rings the opening bell at the New York Stock Exchange, May 4, 2011. Credit: Reuters/Adam Au - NYSE Euronext/Handout By Clare Baldwin and Alina Selyukh NEW YORK | Wed May 4, 2011 2:20pm EDT NEW YORK (Reuters) - Renren's spectacular IPO could be the curtain raiser for what is to come if the world's No. 1 social networking site, Facebook, goes public next year. Shares of Renren Inc, China's largest social networking companies, surged more than 50 percent in its initial public offering on Wednesday in the latest sign investors are eager to snap up stock in social media companies. The shares rose as high as $21.93, or almost 57 percent above their $14 IPO price on the New York Stock Exchange. Earlier on Wednesday, Renren raised $743.4 million in its IPO. The land grab for a slice of hot social media companies such as Twitter, Facebook, Groupon and Zynga are propped up multibillion-dollar valuations in the private shares trading on the secondary markets. "There is no doubt this just adds to the allure to a potential Facebook IPO," said Morningstar IPO strategist Bill Buhr. Facebook, the biggest social network company in the world, has a market value of around $70 billion, based on a share sale currently being contemplated, making it worth more than companies such as Boeing Co. "FLEAS" With Renren, high valuations for rival companies, combined with the fact China is the biggest Internet market in the world, was expected to help Renren attract strong investor demand. Investors seemed to brush aside recent concerns dogging the company, including questions about its internal financial controls, the resignation of the chairman of its audit committee and the tight control and censorship of the Chinese government. Renren's Chief Executive Joseph Chen told Reuters Insider the resignation of the audit committee chairman was for personal reasons and that the company was on track to turn a profit "very soon." The IPO gave Renren a market value $5.7 billion, according to an underwriter. Based on where the shares are trading now, it has a market value of around $7.7 billion. "If you can imagine investors are enamored with Renren," said Buhr, who ticked off Renren's most recent challenges, it only bodes well for Facebook. "(Renren) is basically Facebook with a few fleas," he added. Renren had net revenue of $76.5 million in 2010 and it had about 117 million activated users as of March 31, 2011. It had about 31 million monthly unique log-in users in March 2011. Beijing-based Renren sold 53.1 million American Depositary Shares for $14 each, raising $743.4 million. It had planned to sell shares for $12 to $14 each after raising the expected price range by 30 percent last week from $9 to $11 per share. The IPO was originally expected on Tuesday after the close of U.S. markets, but was delayed until Wednesday morning. The exact reason for the delay was not immediately clear. The strong demand for Renren shares comes despite concerns about Renren's internal financial controls, the resignation of the chairman of its audit committee and the fact it operates in China, where there is huge government oversight and censorship of Internet companies. Despite the pricing delay, Renren shares are still expected to begin trading on the New York Stock Exchange on Wednesday under the symbol "RENN". Morgan Stanley, Deutsche Bank and Credit Suisse led underwriters on the IPO. (Reporting by Clare Baldwin, Alina Selyukh and Jennifer Saba; editing by Gerald E. McCormick, Dave Zimmerman and Andre Grenon) Technology Deals Global Deals Data 2011 Q1 Hot Stocks Asian Markets Media Facebook Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (1) hybrididentity wrote: Isn’t it interesting that the American social media companies are putting off IPO’s as long as possible as they are more than able to raise funding through private investors, yet in China there seems to be a race to IPO for companies like MOBI and RENN? I’m not saying there’s anything fishy going on, maybe it’s just the best way for those companies to raise money. But investors should probably be a little careful if they are trading long term. More to come on ProofTrader in the coming weeks. May 04, 2011 9:27am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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