YNOT – Penthouse parent company FriendFinder Networks Inc. expects to debut its initial public offering Wednesday on the Nasdaq Global Market. The common stock had not begun trading by 11 a.m. EDT, but was poised to offer 5 million shares at $10 per share upon opening, according to a FriendFinder statement.

In late April, the company filed an IPO plan with the U.S. Securities and Exchange Commission, tentatively listing the underwritten per-share price at $10 to $12. FriendFinder has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock. The offering is expected to close on or about May 16, 2011. According to the Nasdaq’s website, 26.758 million shares remain outstanding.

Imperial Capital LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of publicly traded Ladenburg Thalmann Financial Services Inc., served as joint bookrunners for the offering.

The company said it intends to use the net proceeds of the public offering to repay a portion of its existing indebtedness.

A registration statement relating to the offered securities has been declared effective by the SEC. The public offering will be made only by means of a prospectus which may be obtained by writing or calling the prospectus department at Imperial Capital, Prospectus Department, 2000 Avenue of the Stars, 9th Floor, South Tower, Los Angeles, CA 90067 or Ladenburg Thalmann & Co. Inc., 520 Madison Avenue, 9th Floor, New York, New York 10022.

The shares will be offered under the symbol “FFN.”