Renren.com, China’s largest social-networking service, is preparing a $500 million initial public offering to capitalize on strengthening demand for the nation’s Internet stocks, three people with knowledge of the plan said.
The banks handling the IPO are Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG, according to the people, who declined to be identified because the matter isn’t public. The offering could come by June, two of the people said. The news sent shares of Softbank, the biggest shareholder in Renren, up 5.6 percent yesterday in Tokyo.