FriendFinder Shares Begin Trading on Nasdaq Wednesday

May 10, 2011 9:15 PM PST

BOCA RATON, Fla. Shares of FriendFinder Networks Inc. will be trading at $10 a share on the Nasdaq starting Wednesday.

The Boca Raton, Fla.-based company said in an announcement on the initial public offering Tuesday night that it is raising $50 million to repay some of its debt.

The company, which operates a string of social networking websites including AdultFriendFinder and Penthouse magazine, sold 5 million shares for $10 each, at the bottom of the proposed price range of $10 to $12 per share.

Imperial Capital and Ladenburg Thalmann & Co served as bookrunners on the IPO.

Last year, FriendFinder's plan was to sell at least 20 million shares for $10 to $12 each. But that IPO was yanked.

At the time, Marc Bell, FriendFinder’s CEO told XBIZ that it would not proceed with an IPO “until market conditions improve.”

The company had $346 million in revenue for the 12 months ending Dec. 31.

Shares of FriendFinder will begin trading on Nasdaq on Wednesday under the symbol "FFN."

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