Renren Files U.S. IPO

(Beijing) -- Renren Inc., operator of China's Facebook-like social networking website Renren.com, filed for an initial public offering in the United States on April 15, hoping to list on the New York Stock Exchange under the symbol RENN and raise as much as US$ 580 million.

In the prospectus filed with the U.S. Securities and Exchange Commission (SEC), Renren Inc. said it will issue 53 million American Depositary Shares (ADS) priced between US$ 9 to US$ 11 a share in the IPO. That will put the company's market capitalization at around US$ 3.95 billion.