RenRen IPO Goes NUTS, One Day After Chinese Net Stocks Get Killed

joe chen renren
RenRen CEO Joe Chen

Surprise surprise!Shares of RenRen — dubbed the Facebook of China — just surged 50% upon its opening.

It priced this morning at 14$ and quickly jumped to $21.

The company raised $730 million.

It helps when its CEO, Joseph Chen, says things like it’s growth potential is “unlimited” (per Bloomberg).

What’s interesting is that Chinese net stocks got hammered yesterday, so the timing wasn’t necessarily ideal, but it didn’t turn out to be a problem.

For background on RenRen, see here >