Glu in $84m IPO

The mobile games publisher issued 7.3 million shares priced at $11.50 - well within the $10-$12 range forecast - for an intial market capitalisation of $327 million.

The shares will start trading on Nasdaq when the market opens later today.

Glu has been busy in recent weeks inking development and publishing deals with the likes of Sega and Codemasters, in addition to committing to Nokia's new N-Gage platform.

In its SEC filings Glu said it would be using monies from the IPO to pay off debts and as working capital.

The company generated revenues of $46 million in 2006, with losses coming in at $12.4 million.


Tags: grand theft auto , glu

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