Glu Mobile - Top U.S. Wireless IPOs in 2007

Glu Mobile

Symbol: GLUU
Hometown: San Mateo, CA
Founded: 2001
Employees: 243
Date of IPO: March 21, 2007
Shares: 7.3 million
Offer price: $11.50
Underwriters: Goldman Sachs, Lehman Brothers

The company's background: Glu Mobile is a mobile game developer that boasts an extensive catalog of titles, including Sonic the Hedgehog, Monopoly and the entire catalog of classic Atari games. Glu is also the second largest publisher of mobile games worldwide, just behind industry behemoth EA Mobile. According to the company, Glu is one of a few content companies intent on fostering a cooperative relationship with carriers rather than an antagonistic one.

How did the IPO go? The initial offering went very well for Glu, which sold its 7.3 million shares at $11.50, which is the upper end of its estimated range of $10 to $12 apiece. The company said at the time that it planned to use proceeds from the offering to repay debt, for general corporate purposes and working capital.

Glu Mobile - Top U.S. Wireless IPOs in 2007