Glu, the mobile game company behind titles such as the popular Super K.O. Boxing, announced its initial public offering of 7.3 million shares at $11.50 per share.
Shares were $12.80, up 11.3 percent in midday trading.
Glu granted underwriters a 30-day option to purchase up to 1.1 million additional shares from the company and “certain selling stockholders.”
Goldman, Sachs & Co. spearheaded the new issue.
According to a recent report from mobile research firm Telephia, Glu controls about 11 percent of mobile gaming market share. For 2006, the company reported a net loss of $12.4 million on $46 million in revenues.