RenRen aims for bumper IPO

China’s biggest social network RenRen is seeking a valuation of of more than two times that of Facebook in its US IPO. It hopes to raise up to $743.4m (£449.8m) – an eye-watering 67-times its 2010 revenues. Last week, Renren raised the expected price range of its IPO by 30 percent. Demand for the stock is expected to be robust as the company taps investor interest in China and social media. It also revised down the number of monthly unique log-in users it said it had in December. China is one of only a handful of countries where Facebook is not number one.