Renaissance Capital Behind FriendFinder Networks IPO

MOSCOW — A Russian investment bank is underwriting the initial public offering for FriendFinder Networks Inc., an effort to raise nearly half-billion dollars to pay off debt and return the company to solid footing.

Renaissance Capital is based in Moscow but has satellite offices across Eastern Europe, the U.K., in Nigeria and in New York.

The bank — considered just this summer one of largest of its kind in Russia — has struggled in the face of the global financial crunch, the Financial Times reported in September.

Earlier this year, Renaissance Capital’s New Zealand-born co-founder and CEO Stephen Jennings spurned a $3 billion acquisition offer from a state-controlled Russian bank, then turned around and sold a 50 percent stake to a former business partner for $500 million.

With financial backing from Renaissance Capital, FriendFinder Networks is looking to raise $460 million to help offset massive debt, which is estimated at $423 million, according to the Florida-based company’s filing with the Securities and Exchange Commission made last week.

In the filing, FriendFinder revealed its net income between Jan. 1 and Dec. 6, 2007 — $48.6 million, down 20.5 percent from the full year in 2006.

Related:  

Copyright © 2025 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Kiiroo Joins Pineapple Support as Supporter-Level Sponsor

Kiiroo has joined the ranks of over 60 adult businesses and organizations committing funds and resources to Pineapple Support.

Eurorgazm Joins ASACP as In-Kind Media Sponsor

Eurorgazm Magazine has signed on as the latest In-Kind Media Sponsor for Association of Sites Advocating Child Protection (ASACP).

Sex Work CEO Debuts Upgraded 'GPTease' AI Assistant

Sex Work CEO has introduced the Power Tier upgrade to its AI-powered, NSFW text generator, GPTease.

Abella Danger to Host 2025 XMA Creator Awards

the 2025 XMA Creator Awards, presented by premier creator platform Fansly.

Joi AI Joins Pineapple Support as Partner-Level Sponsor

Joi AI (formerly Eva AI) has joined the ranks of over 60 adult businesses and organizations committing funds and resources to Pineapple Support.

German Court Upholds Ban on PornHub, YouPorn

Germany’s Berlin Administrative Court has upheld a “network ban” on adult sites Pornhub and YouPorn for failing to comply with that country’s age verification regulations.

OurDream.ai Debuts New Porn Generator

OurDream.ai, an AI porn-generating platform, has launched an upgraded version of its AI engine.

AEBN Publishes Popular Searches by Country for February, March

AEBN has released the list of popular searches from its straight and gay theaters by country in February and March.

BranditScan Launches 'Referral Rush' Promo

BranditScan has launched its Referral Rush promotion for creators.

2025 AltStar Awards Nominees Announced

Nominations have been announced for the 2025 AltStar Awards, aka the AltPorn Awards, presented by Bad Dragon.

Show More