New York – Adult personals site owner and Penthouse magazine
publisher FriendFinder Networks (NASD: FFN) raised $50 million in an initial public
offering (IPO) of shares on Wednesday.
The company priced shares at $10 each,
but trading forced that price down over 23%, to $7.62 by late afternoon.
PaidContent noted that the company had previously shelved plans to go public in
late 2008, and again in March of this year.
FriendFinder plans to use part of
the proceeds from the offering to pay down existing debt.