FriendFinder IPO Delayed
The social networking and adult dating site operator and Penthouse publisher hopes to pay down debt with proceeds
January 27, 2010
FriendFinder Network, which publishes Penthouse magazine and operates social networking and adult dating Web sites, has suffered a delay in its initial public offering as it answers last-minute questions from the Securities and Exchange Commission, according to published reports.
The IPO of FriendFinder, which runs sites like AdultFriendFinder.com and Bondage.com, was set for Thursday, but an underwriter of the deal said Wednesday the SEC has questions about technical aspects of the public offering. The IPO is expected to price and hit the New York Stock Exchange next week. The ticker symbol will be "FFN."
FriendFinder, based in Boca Raton, Fla., hopes to raise up to $220 million in net proceeds, offering 20 million shares at an initial per-share price of $10 to $12, and pay down debt, according to documents filed with the SEC.
Underwriters on the deal, which include RenCap Securities, Ledgemont Capital Markets, Merriman Curhan Ford and Lighthouse Financial, have the option of purchasing up to 3 million additional shares.
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