FriendFinder Networks Seeks $60 Million in U.S. IPO
(Corrects name and location of Ladenburg Thalmann in fifth paragraph.)
FriendFinder Networks Inc., the publisher of Penthouse magazine, will seek as much as $60 million in an initial public offering.
The Boca Raton, Florida-based operator of websites including AdultFriendFinder.com and Cams.com will attempt to sell 5 million shares at $10 to $12 each, it said in a filing with the U.S. Securities and Exchange Commission.
FriendFinder postponed an IPO last year that sought to raise as much as $240 million. At least 31 companies have announced plans for U.S. IPOs this month, the most since August 2007, according to Renaissance Capital LLC, the Greenwich, Connecticut-based IPO investment firm.
FriendFinder’s revenue for the year ended Dec. 31 was $346 million, while the net loss was $43.2 million, according to the filing. The company, which unsuccessfully bid to take over Chicago-based Playboy Enterprises Inc. last year, intends to use proceeds from the IPO to repay debt, the filing shows.
The shares are expected to price May 11, according to data compiled by Bloomberg, and will list on the Nasdaq Stock Market under the symbol FFN.
To contact the reporter on this story: Lee Spears in New York at firstname.lastname@example.org.