Renren is seeking to raise about $743.4 million in its U.S. initial public offering, Bloomberg reports. The Beijing-based company is offering 53.1 million American depositary receipts for $12-14 each.

The social-networking service company, which will receive estimated proceeds of about $628.8 million from the IPO, will use the funds for research and development, expanding sales and marketing, and general corporate purposes. The offering is being led by Morgan Stanley, Deutsche Bank and Credit Suisse.

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