The IPO Market Is Dead... Except For Porn?
from the seems-unlikely dept
The IPO market had almost entirely dried up already, before we reached financial meltdown in the second half of the year -- and the resulting financial crisis certainly hasn't made the IPO market any brighter. So, we certainly weren't expecting to hear of any internet companies trying to go public... but it seems at least one company thinks that now's the right time for an online porn company to go public. Apparently, Adult FriendFinder has filed to go public. The company, which used to be known as Penthouse Media Group until it bought the startup Adult Friendfinder not so long ago, is hoping to raise a bunch of money. I'd be surprised if this actually went anywhere. While some might claim that porn is always a growth market, it's a highly competitive one, and often seen as a bit sketchy on the business side. Plus, the underwriters are a little known Russian investment bank. On top of all that, it's looking to use the money not for expansion, but mostly to pay off debt. In this economic climate, with the current IPO window slammed pretty tightly shut, does anyone actually expect this one to go anywhere?