Renren Inc. Announces Exercise of Green Shoe Option
BEIJING, May 5, 2011 /PRNewswire via COMTEX/ -- Renren Inc. ("Renren" or the
"Company") (RENN), a leading real name social networking internet platform in
China, today announced that the underwriters of its initial public offering
exercised their over-allotment option in full to purchase an additional 7,965,000
American depositary shares ("ADSs") from Renren at the initial public offering
price of US$14.00 per ADS, less the underwriting discount. With this exercise,
the initial public offering totaled 61,065,000 ADSs, each representing 3 Class A
ordinary shares of the Company
These ADSs started trading on the New York Stock Exchange on May 4, 2011, under
the symbol "RENN". Of the 53,100,000 ADSs being offered, 42,898,711 ADSs have
been offered by Renren and 10,201,289 ADSs by the selling shareholders.
Morgan Stanley, Deutsche Bank Securities Inc. and Credit Suisse Securities (USA)
LLC acted as global coordinators, BofA Merrill Lynch and Jefferies & Company,
Inc. acted as joint bookrunners, and Pacific Crest Securities LLC and Oppenheimer
& Co. Inc. acted as co-managers, for the offering.
Renren's registration statement relating to the initial public offering has been
filed with, and declared effective by, the United States Securities and Exchange
Commission. This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any sale of
these securities, in any state or other jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a
part of the effective registration statement. A copy of the prospectus relating
to the offering may be obtained by contacting Morgan Stanley & Co. Incorporated,
Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York
10014, United States, by calling +1-866-718-1649 or by emailing
prospectus@morganstanley.com; by contacting Deutsche Bank Securities Inc., Attn:
Prospectus Department, 100 Plaza One, Jersey City, NJ 07311, by calling
1-800-503-4611 or by emailing prospectus.cpdg@db.com; and by contacting Credit
Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New
York, NY 10010-3629, by calling 1-800-221-1037 or by emailing
newyork.prospectus@credit-suisse.com (calling these numbers is not toll-free
outside the United States). |
