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China’s Renren Files to Raise as Much as $584 Million in IPO

Renren Inc., China’s largest social-networking service, filed to raise as much as $584 million in an initial public offering to fund expansion.

Renren plans to sell 53.1 million American depositary receipts for $9 to $11 each in an initial public offering, according to a filing with the U.S. Securities and Exchange Commission. The ADRs represent 159.3 million Class A ordinary shares, according to the filing.