GameFly Files For IPO

Los Angeles-based GameFly, which operates an online video game rental service, has filed for a $50M in an IPO on the NASDAQ Global Market. The firm is looking to list under the symbol GFLY. The IPO is being underwritten by BofA Merrill Lynch, Piper Jaffray, Cowen and Company, and William Blair & Company. GameFly is venture backed by Sequoia Capital, Tenaya Capital, and a number of individuals, with Sequoia owning around 51.5 percent of the firm. The firm reported it had net income of $2.97M on revenues of $47.68M for the six months ended September 30, 2009. For its fiscal year ended March 31, 2009, it had net income of $4.0M on revenues of $84.67M.