NEW YORK - The highly anticipated initial public offering of Renren Inc, one of China's largest social networks, will be delayed until Wednesday, sources familiar with the deal said on Tuesday.
The offering by Renren, one of the Chinese variations on Facebook, was expected to price on Tuesday after the US market closed, but is now expected on Wednesday, sources told Reuters. No further details were available.
The Beijing-based company planned to sell 53.1 million American depositary shares (ADSs) at $12 to $14 each. The ADSs were expected to begin trading on the New York Stock Exchange on Wednesday under symbol "RENN."
Morgan Stanley, Deutsche Bank and Credit Suisse led underwriters on the IPO.
