UPDATE 1-Penthouse publisher's IPO raises $50 mln
* IPO sells 5 mln shares for $10 vs $10-$12 range
* Scrapped previous plan to go public in 2010
* To begin trading on Nasdaq Wednesday under symbol "FFN"
* Imperial Capital, Ladenburg Thalmann led underwriters (Adds use of proceeds, financials, previous IPO attempt)
NEW YORK, May 10 (Reuters) - FriendFinder Networks Inc, the publisher of adult magazine Penthouse, took another stab at an initial public offering on Tuesday, raising $50 million to repay some of its debt, an underwriter said.
The company, which also operates a string of social networking websites, sold 5 million shares for $10 each, at the bottom of the proposed price range of $10 to $12 per share.
FriendFinder, whose websites include AdultFriendFinder.com and BigChurch.com, plans to use all of the proceeds to pay down a portion of its debt, the company said in a filing with the U.S. Securities and Exchange Commission.
Boca Raton, Florida-based FriendFinder has geared up for an IPO in the past, only to see plans derailed. In 2008 it filed for an IPO of up to $460 million, but later cut the sale in half. Last February, it indefinitely shelved plans for the sale, citing market conditions.
Also last year, FriendFinder offered to buy rival Playboy Enterprises Inc for $210 million, but was thwarted when Playboy founder Hugh Hefner moved to take the company private. [ID:nSGE7090AD]
FriendFinder's revenue grew about 6 percent to $346 million last year, while its net loss per share increase by 14 cents to $3.14 per share.
Shares of FriendFinder are expected to begin trading on Nasdaq on Wednesday under the symbol "FFN" FFN.O.
- Ukraine says Russian tanks flatten town; EU to threaten more sanctions |
- Seven NATO allies to create new rapid reaction force-report
- U.S. authorities investigate suspected threat against Obama: reports
- Putin says Russia must strengthen its economic, military position in Arctic
- China and Hong Kong poised for showdown over democracy