FriendFinder Network Goes Public & Shares Tank At Open
2011 May 11
A couple of weeks ago we told you that FriendFinder Networks, was going to go public today and it has started trading under the Symbol FFN.
Shares of the company were sold at the low range of the range set for the IPO at $10 a share and in the 1st hour of trading, shares are already down 17% at $8.30 as of time of publication.
We will update this story later when its first day of trading ends.
FriendFinders Network owns Penthouse, AdultFriendFinder.com, Cams.com, and FacebookOfSex.com to name a few.
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with three hours left in the day ffn finds itself at -25%
7.45 -2.55 (-25.50%) May 11 2:09pm ET
Why the immediate drop?
so much for staying up if you get my pun!
Shares closed at $7.85 today over 21% off its IPO price.
Shares hit a low of $7.23