Glu Mobile’s Shares Start Trading; Shares Up


Glu Mobile’s IPO opened on Nasdaq today, and it raised a total of about $84 million as we noted last night. The shares rose as much as 12 percent, and are trading up about 7 percent now.
Glu Mobile plans to use about $10.9 million of its IPO proceeds to repay debt to Pinnacle Ventures. The company also narrowed losses to $12.4 million in 2006 from $18 million in 2005, while revenue rose to $46.2 million in 2006 from $25.7 million in 2005, according to SEC filings.
Reuters: Led by Goldman Sachs & Co. and Lehman Brothers, underwriters will have the option to buy another 1.1 million shares to cover over-allotments, according to the filing.
Related:
— <a href="http://www.moconews.net/entry/419-glu-mobiles-ipo-raises-84-million-market-cap-of-327-million&quot; title="Glu Mobile

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