Online game rental service GameFly has filed for a $50 million public offering, reports Business Insider. The company said money raised through an IPO would be used for general purposes. Business Insider says GameFly has potential for growth given that its 334,000 subscribers represent less than one percent penetration into the videogame market. GameFly reported revenues of about $84 million in its last fiscal year ended March 2009. The company recorded sales of $46 million in the first six months of its current fiscal year, up by more than 20 percent in period-to-period comparison. Business Insider lists GameFly IPO underwriters as Piper Jaffray, Bank of America-Merrill, Cowen and Company, and William Blair & Company.
Read more at Business Insider.
