05-12-2011, 10:22 AM
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Purveyor, Fine Asian Porn
Industry Role:
Join Date: Jul 2004
Location: San Francisco Bay Area
Posts: 38,323
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From IPO Watch:
Quote:
FriendFinder Networks Inc. (NASDAQ: FFN) just managed to hurt a whole slew of investors today in its Initial Public Offering.
We previously had seen that the company was going to sell 5 million shares in a range of $10.00 to $12.00 per share. The pig was already priced at the low-end of its range. When it first tried to do an IPO back in 2008, the company sought to raise up to $460 million. Now that $460 million is worth more than the entire market cap.
Today?s joint book-runners of the offering were listed as Imperial Capital and Ladenburg Thalmann. Now they probably have some irritated clients. They certainly just gave one more bit of caution to an IPO market that was already getting a bit paranoid.
There are some brokers with clients out there today that probably wished they never heard the combined themes ?social networking? and ?adult entertainment? in the same sentence. Calling your clients to explain a sudden 20% loss has never been fun. It will be pretty hard for the company and the underwriters to pin a crummy IPO like this on the volatility of currencies and commodities.
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