Another Tech IPO You Haven’t Been Waiting For
So if you really want to make a bet on a Webby public offering in the near future, you’re going to have to wager on companies with a…less impressive pedigree. Companies like FriendFinder Networks, which runs a collection of porn sites and niche social networks, or Vringo, which is ostensibly in the ringtone business and wants to raise $64 million to keep going.
UPDATE: Vringo notes that it is only looking to sell $13.8 million worth of shares and warrants in its initial offering, but that conversion of warrants could eventually generate tens of millions more.
How can ringtones still be a business in 2010? For Vringo, they aren’t: The company has been giving them away for free, though it hopes to start selling them soonish.
Better hurry. Vringo has raised $17.5 million since 2006, and has burned through almost all of that. Total revenue so far: $36,000, generated by a partner in Armenia. PaidContent has more details from the S-1.