Companies

Renren seeks to double Facebook's valuation

(Agencies)
Updated: 2011-05-03 17:08

Renren Inc (Renren), China's biggest social-networking website by page views, aims to raise as much as $743.4 million in a US initial public offering on Tuesday, Bloomberg reported.

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Renren, the Beijing-based company, is offering 53.1 million American depositary receipts for $12 to $14 each, the report said, citing a filing with the US Securities and Exchange Commission.

At the midpoint, Renren would trade at 67 times last year's sales, compared to Facebook's increase of 25 times its previous year's sales as valued by Goldman Sachs Group Inc's investment in Facebook, said the report.

Renren is demanding a premium and seeking a valuation more than double that of Facebook Inc.