FriendFinder Networks raised $50 million in its IPO today — the latest in a string of stock market debuts by digital media-related companies. The IPO is a major milestone for the owner of Friendfinder.com and other adult sites, which has tried to go public for several years. FriendFinder had initially filed to go public in late 2008, but later pulled that offering, citing “market conditions.” It had filed once again to go public in mid-March.
Investors, however, have so far given the stock a big thumb’s down. The company priced its shares at $10, but right now they’re trading at $7.92, off more than 20 percent on the Nasdaq stock market. FriendFinder, which has a huge debt load, has said it will use some of the proceeds of the offering to pay that down.