Jerseys For Sale

aba
NEW YORK, May 4 - Renren's spectacular IPO couldbe the curtain raiser for what is to come if the world's No. 1social networking site Jerseys For Sale ]Yemen close to transition of power deal- minister5875, Facebook Jerseys For Sale , goes public next year.
Shares of Renren Inc (RENN.N), one of the biggest socialnetworking companies in China, surged 28.6 percent in itsinitial public offering on Wednesday. Strong demand for thecompany -- which is not profitable, but will profit "verysoon," according to Chief Executive Officer Joseph Chen -- isthe latest sign investors are eager to snap up stock in socialmedia companies.
The stock rose as high as $21.93, or almost 56.6 percentabove its $14 IPO price in its first day of trading on the NewYork Stock Exchange before closing at $18.01, or 28.6 percent Jerseys For Sale ,above the IPO price. Earlier on Wednesday, Renren raised $743.4million in its IPO.
Renren's offering comes amid a grab for hot social mediacompanies, including Twitter, Facebook Jerseys For Sale , Groupon and Zynga,which are propped up by multibillion-dollar valuations of theirshares trading on the secondary markets.
"There is no doubt this just adds to the allure to apotential Facebook IPO," said Morningstar IPO strategist BillBuhr.
Facebook has a market value of around $70 billion, based ona share sale currently being contemplated, making it worth morethan companies such as Boeing Co. [ID:nN27185713]
Renren shares are trading at slightly more than 80 timesannualized sales for the six months ending Dec. 31, estimatesIPOdesktop.com Presid