NEW YORK (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 and Deutsche Bank AG 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 had also been hired.
Morgan Stanley and Oak Pacific could not immediately be reached for comment.
(Reporting by Martinne Geller; Editing by Dale Hudson)
