Reading the S1 that they filed, they (obviously) are trying to offset the debt they have through liquidation of their common stock. I can sum up the report as "we are making lots of money, have fairly significant debt, we need to move our shares now". AFF seems to be profitable and I see no reason why they shouldn't go public. While they are generating pretty impressive revenues they can also function as an umbrella in which adult oriented startups can fold into. Possibly providing further value to their shareholders. This is actually a pretty unique IPO , especially in the web sector.

I also think it will be entertaining to see AdultFriendFinder ring the NYSE bell.