Adult site operator FriendFinder shelves IPO

NEW YORK Fri Feb 5, 2010 8:54am EST

Related Topics

NEW YORK (Reuters) - Social networking company FriendFinder Networks Inc FFN.N indefinitely shelved its planned $220 million initial public offering on Friday, citing market conditions.

FriendFinder runs websites such as BigChurch.com, a site for single Christians, but derives its revenues primarily from its adult-oriented offerings such as AdultFriendFinder.com and Cams.com, according to a prospectus filed with the U.S. Securities and Exchange Commission.

The company, which was bought by the publisher of men's magazine Penthouse for $500 million in 2007, did not say when it might again try to price the IPO, but said in a statement it would not proceed "until market conditions improve."

FriendFinder intended to sell 20 million shares for between $10 and $20 each and use the proceeds largely to pay down debt. FriendFinder first filed for the IPO in December 2008, and initially sought to raise as much as $460 million.

The IPO, was delayed last week when the SEC said it had questions regarding the offering, and had been set to price this week.

FriendFinder, based in Boca Raton, Florida, reported net revenue of $244.4 million in the nine months ended September 30, up slightly from $243.9 million in the same period a year ago. It reported a net loss of $27.4 million, narrower than its $32.3 million loss a year ago.

RenCap and Ledgemont Capital Markets LLC managed the IPO.

The company had planned to list its shares on the New York Stock Exchange's Amex under the symbol "FFN."

(Reporting by Phil Wahba, editing by Dave Zimmerman)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
linxiaoyu wrote:
Want To Find Cheap shoes and clothing?The Faithworthy Shoes From The Official Appointed Factory In China?Enjoy The Authentic Shoes and clothing With the Fake Price!Low to $55,Free Delivery In One Week And No Sale Tax!
www.ongoin.com
www.onseeking.com
We offer a large rank of Puma Shoes. All of them are original level and cheap,either retail or wholesale is accept on ongoin.com,we can offer the lowest price with the Original Puma Shoes, if your order is up to 50PCS,the Price will be more favorable.We provid perfect after sale service,Delivery Free and No Sake Tax.Please trust to purchase!
www.ongoin.com
www.onseeking.com
E-mail:ongoin@msn.com
onseeking@msn.com
Gmail:ongoinnew@gmail.com
onseeking@gmail.com

Feb 05, 2010 8:22pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.