Video game rental service GameFly files for a $50 million IPO

GameFly, the largest online video game rental subscription service in the US, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering. The Los Angeles, CA-based company, which was founded in 2002 and booked $83 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol GFLY. GameFly charges users a monthly subscription fee to access a full video game library. The company is backed by Sequoia Capital and plans to use net proceeds for working capital. BofA Merrill Lynch and Piper Jaffray are the lead underwriters on the deal, for which pricing terms and timing were not disclosed.