Joe Chen does not usually like to hear his company referred to as a Facebook clone. But when the chief executive of Renren, China’s largest social networking site, was marketing the group’s initial public offering in the US last week, it was clear the comparison could pay off.
According to bankers working on the deal, the New York event that kicked off the roadshow more closely resembled a wedding banquet than an investor lunch, with more than 360 people present and most in high spirits.
The strong interest stems from the fact that there is no major social media or social networking company open to public investment. With a Facebook IPO at least a year off, many investors are keen for a slice of “the Facebook of China”.
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