FortuNet, a manufacturer of multi-game and multi-player server-based gaming platforms, announced Friday plans to raise as much as $35 million in an initial public offering. The Las Vegas based company expects to offer 2.5 million shares at a range of $10-$14 using WR Hambrecht's dutch auction-style IPO format. Assuming the stock prices at the midpoint, the company will have an initial market capitalization $131 million. In the six months ended June 30, 2005, FortuNet generated an operating profit of $1.7 million on $7.5 million in total revenue. WR Hambrecht is serving as the sole underwriter on the deal. Timing has yet to be determined.
