Oak Pacific Interactive Aims for $500M I.P.O.

Chinese social networking company Oak Pacific Interactive, which has raised more than $430 million in venture capital, plans to raised about $500 million in a U.S. initial public offering, Reuters reported, citing an article by Bloomberg. Oak Pacific Interactive is backed by investors including Technology Crossover Ventures, Accel Partners, Legend Capital, Softbank and Doll Capital Management.

(Reuters) – One of China’s largest social networking companies, Oak Pacific Interactive, plans to raise about $500 million this year in a U.S. initial public offering, Bloomberg reported on Sunday.

Reuters reported in December that Oak Pacific, owner of social networking site Renren, had hired Credit Suisse Group AG (CSGN.VX) and Deutsche Bank AG (DBKGn.DE) to underwrite an IPO, planned for the first half of this year. At the time, the amount to be raised had not been finalized.

Bloomberg, citing three people with knowledge of the plan, said the company was preparing an IPO of about $500 million and that Morgan Stanley (MS.N) had also been hired.

Morgan Stanley and Oak Pacific could not immediately be reached for comment. (Reporting by Martinne Geller; Editing by Dale Hudson)