So Gamefly finally does file for an IPO, after flirting for years with a possible sale: The Los Angeles-based videogame rental-by-mail subscription service has filed its S-1, and intends to raise a smallish up-to-$50 million through it. It plans to list on Nasdaq under the symbol “GFLY”, and underwritten by BofA Merrill Lynch, Piper Jaffray, Cowen and Company, and William Blair & Company. The money will be used for general purposes, including working capital and sales-and-marketing activities. The exact number of shares to be offered and the price range for the offering have not yet been determined.

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The company, founded in 2002 and funded by Sequoia Capital, Tenaya Capital, and others, has a subscription service where it charges about $23 a month for unlimited rentals and game play. For the six months ended Sept. 30, GameFly had revenues of $47.7 million, and $2.97 million in profits, compared with prior-year revenues of $39.4 million and profits of $5.4 million. For fiscal year 2009 ended March 31, it had net income of $4.0 million, on revenues of $84.67 million. It had about 334K subscribers at the end of September last year.