Breaking News


Penthouse Owner FriendFinder Networks Revives IPO Plan

(Corrects name and location of Ladenburg Thalmann in fifth paragraph of story that originally ran March 17.)

FriendFinder Networks Inc., the publisher of Penthouse magazine, revived plans for a U.S. initial public offering after postponing an attempt to raise as much as $240 million in an IPO last year.

The Boca Raton, Florida-based operator of websites including and didn’t say how much it intends to raise, in a filing with the U.S. Securities and Exchange Commission today.

FriendFinder is one of eight companies to announce plans for IPOs on U.S. exchanges this week, even as a global selloff in stocks has damped demand for new equity, prompting companies from Europe to Japan to push back share sales. A deepening crisis in Japan following its March 11 earthquake and unrest in the Middle East have roiled global markets, threatening an expansion in U.S. IPOs this year that Barclays Plc (BARC) has predicted may reach 35 percent compared with 2010.

FriendFinder, which unsuccessfully bid to take over Chicago-based Playboy Enterprises Inc. last year, intends to use proceeds from the IPO to repay debt, it said in its filing.

Imperial Capital Group Inc. of Los Angeles and Ladenburg Thalmann Financial Services Inc. of Miami are named as the lead underwriters in the filing, replacing Renaissance Capital of Moscow and Ledgemont Capital Group LLC in New York, which led the previous IPO attempt.

FriendFinder’s filing comes after Cornerstone OnDemand Inc. yesterday raised 18 percent more than it sought in its IPO. The Santa Monica, California-based provider of training software to businesses raised $137 million selling 10.5 million shares at $13 each, above the marketed range.

The volume of U.S. IPOs this year has more than tripled to $13.4 billion from the year-earlier period, data compiled by Bloomberg show.

Lagardere SCA (MMB), France’s largest publisher, said yesterday it’s delaying the initial share sale of its Canal Plus France stake because of market volatility after the earthquake, while TUI AG may push back an offering of its stake in container line Hapag-Lloyd, three people familiar with the matter said. Japanese drugmaker RaQualia Pharma Inc. also delayed a share sale this week, citing market conditions following the disaster.

To contact the reporter on this story: Lee Spears in New York at

To contact the editor responsible for this story: Jennifer Sondag at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.