Facebook follower Renren eyes $500 mln IPO: report (AFP)
SHANGHAI (AFP) – China's Renren, which started out as a Facebook clone, is eyeing a US organisation that could attain it the first ethnic networking place to go public, a inform said Monday.
The consort plans to improve about $500 meg in an initial open offering managed by Deutsche Bank, among others, the Financial Times reported, citing two unnamed people near to the situation.
Company officials were not directly acquirable for comment.
The Asiatic site, whose study effectuation "everyone" and was founded a assemblage after Facebook in 2005, has 160 meg users and is the most popular ethnic networking place in China, where polity censors hit blocked Facebook.
With Facebook not still listed, Renren could embellish the direct for investors hunt to change in on the ethnic networking sector, the Financial Times said.
The status is the same for microblogging sites. Twitter is not public, but investors crapper buy have in Asiatic cyberspace giants Sina, Tencent or Sohu, which all operate Twitter-like -- intimately monitored -- services.
Renren does not publicize business accumulation but has said its advertising revenues more than multiple terminal assemblage and in 2009, the production reported.
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