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."
http://www.xbiz.com/news/133897