Shareholders will sell 10.2 millions ADSs, each representing three class A shares, and RenRen issue 42.9 million ADSs. A further 8 million ADSs are available if demand is strong enough with an estimated company valuation of about $4bn.
RenRen, a China-based social networking service backed by Japan-based internet group Softbank, plans to raise up to $584.1m in its New York flotation due Thursday.
RenRen plans to offer 53.1 million American depository shares (ADS) at between $12 and $14 each – up from $9 and $11 each in an earlier filing, underwritten by investment banks Morgan Stanley, Deutsche Bank and Credit Suisse, according to its regulatory filing. Shareholders will sell 10.2 millions ADSs, each representing three class A…
