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Chinese Social Network Renren Raises $743.4 Million In Its IPO

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Another huge stock market debut for a Chinese internet company: Renren, a Chinese social networking site, says it raised $743.4 million in its IPO today, well above the $500 million-plus it had initially hoped to raise.

Investors seemed to largely shake off a report last week that raised questions about how many users the company actually had, and Renren’s stock, which it priced at $14, finished the day up nearly 29 percent to close at $18.01 on the New York Stock Exchange.