Thursday, May 5, 2011

Renren and RPX Jump in IPOs

Thursday, May 5, 2011

The IPOs of Chinese social-networking site Renren Inc. and U.S. patent-protection company RPX Corp. delivered double-digit trading gains Wednesday. A third offering, from Wi-Fi network company Boingo Wireless Inc. (WIFI), didn't fare as well.

Renren was the leader of the pack, opening at $19.50 a share on the New York Stock Exchange, up 39% from its initial public offering price of $14. A total of 53.1 million shares were sold at the high end of its expected $12 to $14 range. That level was raised last week from between $9 to $11. Renren ended the day up $4.01, or 29%, ...

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