“Facebook of China” Set for $5 Billion IPO

Renren, China’s leading and most-trafficked real-name social network, could raise up to $734.4 million when it lists its shares on the New York Stock Exchange Wednesday.
Renren is offering shares at $12 to $14, a 30% increase over its suggested offering of $9 to $11 per share just one week ago.

Founded in 2005, the Beijing-based social network has a reported 117 million users — compare that to Facebook’s more than 600 million members — though only 31 million are said to use the service at least once per month.