FriendFinder Pulls Its Initial Public Offering

Feb 5, 2010 11:15 AM PST
BOCA RATON, Fla. — FriendFinder Networks has shelved its planned initial public offering indefinitely.

Marc Bell, FriendFinder’s CEO, did not return a message for comment to XBIZ; however the company in a statement said that it would not proceed with an IPO “until market conditions improve.”

FriendFinder, operator of Penthouse, Cams.com and numerous FriendFinder social-networking sites, intended to sell 20 million shares for $10 to $20 each and use the proceeds largely to pay down debt. The offering had been set to price this week.

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 Securities and Exchange Commission said that it had questions regarding the offering.

Renaissance Securities (Cyprus) Ltd. and Ledgemont Capital Markets were the lead underwriters for FriendFinder.

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