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Adult Website Operator FriendFinder Kills IPO Plans
Publisher of Penthouse Magazine Had Sought to Raise $220 Million
February 5, 2010 – The Boca Raton based social networking company FriendFinder Networks has canceled plans for a $220 million initial public offering (IPO) citing market conditions. The company had initially sought to raise $460million, with the objective of using the cash raised through the IPO to pay down debt.
While as a social networking company, FriendFinder sponsors websites including the single Christian website BigChurch.com, it generates most of its revenues from adult websites. These adult websites include Cams.com and AdultFriendFinder.com. (Fulll Story)
Better Spot, the Electric Car Charge Spot Firm to Receive $350 Million in Venture Financing Despite Criticism, HSBC is Leading the Venture Capital Group & Investing the Bank’s Own Money
January 26, 2010 - Better Place, founded by Shai Agassi, an Israeli-American software engineer is set to close on a new round of venture capital financing of $350 million today.
The company intends to create a vast network of charge spots to charge electric cars. Many are questioning the company’s business model, and are privately stating that the company will need billions more in financing.
Better Place’s questionable business plan would result in consumers buying electric vehicles from automakers, but getting their batteries from Better Place. They would pay Better Place a fee based on the distance they drive. The company’s plans include thousands of charge points and “battery switching stations.” (Full Story)
What a Difference a Year or Two Make in the U.S. IPO Market
Signs Exist For a Good U.S. 2010 IPO Market, Especially for Foreign Companies
January 20, 2010 - What a difference a year or two make. 2008 was a tough year for the U.S. initial public offering (IPO) market, both due to the meltdown in the global equity markets and the global recession. In 2008 there were only 31 U.S. IPOs, which was the lowest number of IPOs since 1975. The fourth quarter of 2008 was an even bigger disaster with only one U.S. IPO coming to the market.
The first quarter of 2009 wasn’t much better. The year started with the worst market for U. S. IPOs in decades. With the U.S. stock market reaching a multi-year low by March, there were only two IPOs that went public in in the U.S. in the first quarter of the year. Then the general market recovery started. (Full Story)
Insurer Symetra Financial Reduces its Valuation as a Signal that its IPO Will Now Go Forward
Warren Buffett’s Berkshire Hathaway to Keep its Shares and Not Be a Selling Shareholder
January 10, 2010 – The Bellevue, Washington based insurance company, Symetra Financial set the basic terms for its initial public offering (IPO) this week, lowering its valuation from the amount indicated in its Securities and Exchange Commission (SEC) filing made in October. This decrease in valuation is an indication that the final pricing for the IPO will occur shortly. (Full Story)
Wireless LAN Vendor Meru Networks Files for IPO
Company Seeks to Raise $86.25 million
December 26, 2009 – The wireless local area network (LAN) vendor, Meru Networks has filed a registration statement with the U. S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company’s filings indicate that it is seeking to raise $86.25 million, and that the funds would enable the company to prepare for what it expects to be a period of rapid growth in the industry.
The company is seeking that its shares trade under the ticker symbol MERU. (Full Story)