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

Texas Resumes AV Lawsuit Against Aylo Following SCOTUS Decision

A district court judge in Texas has unfrozen the state’s $1.6 million lawsuit against Aylo for allegedly failing to comply with age verification requirements, Bloomberg Law is reporting.

JuicyAds Wins Trademark Infringement Case Against Fraudulent Domain

JuicyAds has won its World Intellectual Property Organization (WIPO) case against a website using a similar domain to impersonate the company's site and defraud customers.

Anissa Kate, Jordan Starr Top AEBN for Q2 of 2025

AEBN has published its top-selling stars for the second quarter of 2025, with Anissa Kate landing atop the leaderboard for straight theaters and Jordan Starr heading up the gay rankings.

AEBN Reveals Eva Maxim as Top Trans Star for Q2 of 2025

AEBN has published its top trans stars list for the second quarter of 2025, with Eva Maxim landing atop the leaderboard.

France Reinstates Age Verification Rule for EU Sites

France’s highest court, the Council of State, on Tuesday reinstated age verification rules for EU-based sites under the country’s Security and Regulation of the Digital Space (SREN) law, ruling in favor of the French government and against Hammy Media.

Whisper Fans Joins Pineapple Support as Supporter-Level Sponsor

Whisper Fans has joined the ranks of over 70 adult businesses and organizations committing funds and resources to Pineapple Support.

Utherverse Launches 'Red Light Center' Virtual World

Virtual reality and metaverse technology company Utherverse has launched its new virtual world, RedLightCenter.io.

European Commission Approves AV Guidelines, Unveils Prototype App

The European Commission on Monday released its final, approved guidelines for protecting minors online under the EU’s Digital Services Act (DSA) and made public a “white label” age verification app intended to help sites and platforms comply with age verification rules under the DSA.

Show More