Soon, you might be able to own a piece of GameFly. The video game mail subscription service and parent company of the well know gaming news web site Shacknews has decided to file for an IPO, according to PaidContent.org. Going public is expected to raise $50 million for GameFly which it plans to use for "working capital and sales-and-marketing activities." The company generated $4 million in profit in its last 2009 fiscal year and has made $2.97 million in profits in the six month period ending September 30, 2009.

The company was founded in 2002 and like the highly popular movie-based company Nexflix GameFly lets its subscribers pay a monthly fee to have unlimited console game rentals sent via the mail service. In 2009 GameFly began expanding beyond its main business as it bought the Shacknews and FileShack web sites.