San Mateo developer and publisher Glu Mobile announced its initial public offering of 7,300,000 shares of common stock, at a price to the public of $11.50 per share, beginning trading on Thursday 22nd March, with afterhours share value already rising to $12.35.
The company has also granted underwriters a 30-day option to purchase up to an additional 1,095,000 shares from Glu and certain selling stockholders. Glu's common stock is listed on the Nasdaq Global Market under the symbol "GLUU".
Glu Mobile, developer of titles such as Project Gotham Racing Mobile and Stranded, filed the IPO with intent to raise $92 million in common stock after consistent losses since 2003, with a net deficit of $43.7 million as of September 30, 2006. Glu Mobile are now only the second mobile games company listed on Nasdaq after Jamdat Mobile, now owned by EA.