BOCA RATON, Fla. — FriendFinder Networks Inc. on Wednesday moved forward with its initial public offering, saying it hopes to sell 5 million shares at $10 to $12 each.
With the announcement, FriendFinder will would command a market value of $290 million.
The Boca Raton, Fla.-based company also announced that it has tapped Century City, Calif.-based Imperial Capital and Ladenburg Thalmann & Co. to be the lead underwriters on the deal. It said it plans to list on the NYSE under the symbol FFN.
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, which operates Penthouse and AdultFriendFinder, as well as scores of other targeted social network sites, had $346 million in sales for the 12 months ending Dec. 31.
XBIZ calls to Bell weren't immediately returned Wednesday morning.
