FriendFinder, the company that owns Penthouse magazine and a number of adult websites, has postponed its $220 million initial public offering, saying it will proceed again only when "market conditions improve."
The adult websites owned by the Boca Raton-based company include AdultFriendFinder.com, where users to pay to meet sex partners; GetItOn.com, which offers a similar service; and the fetish sites ALT.com and Bondage.com. The less lucrative Christian dating website BigChurch.com, which provides users "searchable Bible passages and daily Bible chapter e-mails," also belongs to the company.
The FriendFinder IPO inspired tepid reactions from investors, who cited the company's heavy debt, declining subscriber base, and successive net losses."It's hot, but not in the IPO sense," IPO expert Francis Gaskins said.
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