RenRen, a China-based social networking service backed by Japan-based internet group Softbank, plans to raise up to $584.1m in its New York flotation.
RenRen plans to offer 53.1 million American depository shares at between $9 and $11 each, underwritten by investment banks Morgan Stanley, Deutsche Bank and Credit Suisse, according to its regulatory filing.
Softbank owns 39.6% of RenRen after buying more than a third of the company in 2008’s series D round for $415m and will be diluted to 34.2% after the initial public offering.
Previously, RenRen had raised $58m from venture capital firms Accel Partners, DCM, General Atlantic, Legend Capital (the corporate venturing unit of computer maker Legend) and Technology Crossover Ventures, according to news provider PEHub.