“Renren Inc., China’s biggest social- networking website by page views, is seeking a valuation more than double that of Facebook Inc. as it aims to raise as much as $743.4 million in a U.S. initial public offering today.
The Beijing-based company is offering 53.1 million American depositary receipts for $12 to $14 each, according to a filing with the U.S. Securities and Exchange Commission. At the midpoint, Renren would trade at 67 times last year’s sales, compared with 25 times for Facebook as valued by Goldman Sachs Group Inc.’s investment in the U.S. company.”
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