Renren, China’s leading real-name social networking service, saw its shares surge 30 per cent on its trading debut in New York.
The Beijing-based company, which is unlisted in China, priced its initial public offering at $14 per share to raise $743m, at the top of its projected range of $12-$14.
The sale of 53.1m of US-listed Renren shares, or American depositary receipts, confirmed strong investor demand in spite of doubts over the reliability of some Chinese listing candidates’ financial data and valuation multiples.
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