Swingers’ site invites members to take part in IPO
FriendFinder Networks, whose websites include AdultFriendFinder.com and realtime homemade porn site Cams.com, has decided to let its members in on its planned $220 million IPO.
That raises the prospect of swingers and others who take part in the Lifestyle sitting side by side with institutional investors on its current roadshow. FriendFinder, which also licenses Penthouse’s brand to some few consumer products, is set to price its IPO the week of Jan. 25.
FriendFinder operates a few tame websites too, such as FriendFinder.com and BigChurch.com, but according to its prospectus, its revenue overwhelmingly comes from adult-oriented products and services. It is inviting its members, including the 868,571 people who use its adult sites, to put some skin in the game, so to speak.
Click here to read the letter sent this week to its members. (It also invited employees to take part in the IPO.)http://www.sec.gov/Archives/edgar/data/1451951/000139843210000021/i10734_members.htm
The major investment banks have sat this one out, presumably because of the offering’s spicy nature. The deal is being managed by RenCap and Ledgemont Capital Markets. However, the NYSE has no such misgivings and will list it under the ticker “FFN”.