From the offering price of $14 (which valued RenRen at just under 70 price to sales), the IPO of RenRen (RENN) opened at $19.50 and now sits at $20. I won't bother with the exact math but clearly it is cool to pay 100 price to sales ratio in internet bubble 2.0. (again that is not price to earnings, that is price to SALES)
EDIT 9:53 AM: Institutions are laughing to the bank as they dump this on the retail class - 6 minutes later RENN is down to low $18s. Oops, as I typed this already back to $18.50 - bargain hunters out in force.