Glu rings up $84M IPO

Mobile game publisher Glu Mobile on Wednesday raised $84 million in an initial public offering of 7.3 million common shares at $11.50 per share. The IPO--underwritten by Goldman Sachs--was fortuitously timed, debuting during a rally in an otherwise volatile market and giving Glu an initial market capitalization of about $327 million. According to documents filed with the SEC, the company will earmark proceeds from the offering to repay debt, for general corporate purposes, and for operating capital.

Although Glu Mobile's 2006 revenue grew to $46 million from $26 million over the previous year, the company has yet to turn a profit. Its net loss narrowed to $12.4 million in 2006 from $18 million in 2005.

For more on the Glu IPO:
- read this MarketWatch article

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