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Update: FriendFinder Expects $50M in Proceeds from IPO

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BOCA RATON, Fla. — FriendFinder Networks Inc., which operates adult websites and publishes Penthouse magazine, expects to raise $50 million in gross proceeds from its initial public offering of 5 million shares.

The company, which also runs social networking and dating sites, said the offering priced at $10 per share, the low end of its expected price range of $10 to $12.

FriendFinder plans to use the offering’s net proceeds to pay back part of its debt.

The Boca Raton, Fla., company is giving the underwriters a 30-day option to buy up to 750,000 more shares to cover any excess demand.

FriendFinder anticipates having approximately 26.3 million outstanding shares after the offering.

The company had tried to go public more than a year ago, but scrapped the offering in February 2010, citing market conditions.

The company reported a 2010 loss of $43.2 million, or $3.14 per share, on revenue of $346 million.

Shares of FriendFinder are expected to start trading on the Nasdaq Global Market on Wednesday under the “FFN” ticker symbol.

The offering is expected to close Monday.

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