Jamdat Mobile, an LA-based mobile gaming/applications company, reported unexpectedly strong first day IPO results..the company raised approximately $61 million from an initial public offering of 5.5 million shares of stock.
Jamdat shares closed at $22.51 after active trading on the Nasdaq. Reportedly, almost 7 million shares traded hands today. The closing price represented an increase of over 40 percent based on the initial pricing of $16 per share.
AFX: From a governance perspective, this is one of the rare occasions where management is selling shares on the offering and its key venture investors are not. However, management will still retain meaningful ownership of more than 10 percent of the company, and Jamdat has attracted a strong list of technology investors, including Qualcomm, Intel and Sun Microsystems…
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