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VC-backed social networking giant Oak Pacific next in line for IPO

  • Anita Davis
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Oak Pacific Interactive is the latest VC-backed Chinese powerhouse with aspirations of a public listing in 2011, with reports suggesting that an IPO may be launched as early as the first quarter.

Oak Pacific, the owner of popular social networking sites (SNS) Renren.com, Nuomi.com and Mop.com, is said to be the second-largest SNS operator in the mainland, and among the most popular with venture investors. In April 2008, the company received $430 million from global investors in what it claims was the largest private financing in Chinese internet history. That exchange was led by Softbank, which received a 35% stake in the company for $96 million. Two years earlier, it closed a $48 million round of financing led by General Atlantic LLC.In August 2005, around the time of the company's launch, Accel Partners also invested $10 million. Other VC backers include Doll Capital Management, Technology Crossover Ventures (TCV) and Legend Capital.

The news comes after a slate of IPO activity in China's VC world. PRC video site Youku and e-commerce site Dangdang.com both had strong public debuts in the US this month, and VC-backed companies including Tudou, Redbaby and Uni-Power also voiced their intentions to go public next year.

Credit Suisse Group and Deutsche Bank have been hired to manage Oak Pacific's IPO proceedings.

 

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