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FriendFinder Networks has filed a registration statement with the SEC to raise $460 million with an initial public offering.

What is FriendFinder, you ask? The company operates a series of adult-oriented social networking sites including AdultFriendFinder.com. The IPO is of historical importance because it is, to date, the first time I've seen the word "Fetish" in an SEC filing. According to the prospectus, the company's ALT.com is a "Alternative lifestyle personals website, catering to users with fetish, role-playing and other alternative sexuality interests."

Apparently all this sexual networking stuff is big business. The company reports that for the nine months ended September 30th of 2008, revenue was $262.4 million with EBITDA of $66.6 million. The company hopes to use the proceeds to pay off the nearly half a billion dollar debt load it's currently carrying.

The timing is interesting because the IPO market is all but dead and leading adult entertainment provider Playboy (NYSE: PLA) is sucking wind (no pun intended) to say the least. But with a debt load as large as FriendFinder's, the company brass may have decided that it's too risky to wait for a better market.

FriendFinder files to go public originally appeared on BloggingStocks on Fri, 26 Dec 2008 15:30:00 EST. Please see our terms for use of feeds.

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