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December 20, 2006

Glu Mobile files for IPO

Posted by Tricia Duryee at 11:38 AM

After the market for mobile video games flattened out a bit, sales are now on the rise. And, with that trend in place, Glu Mobile, which publishes such games as Monopoly and Sonic the Hedgehog, filed for an initial public offering today.

According to documents filed with the Securities and Exchange Commission, the San Mateo, Calif.-based company seeks to raise $92 million. It will trade under the ticker of "GLUU."

The company plans on using about $12.1 million to repay a loan, and will use the remaining proceeds for working capital and potential capital expenditures and acquisitions.

Following news of Glu's IPO filing, Seattle-based M:Metrics released some information on the mobile game market.

This is an opportune time for Glu to file, said M:Metrics, because the game market is in the midst of an upswing. It also said that Glu's Monopoly is the third-ranking mobile video game title, following EA Mobile's Tetris and Bejeweled titles.

M:Metrics reported that Glu gets about 10.8 percent of downloads, in second place behind EA Mobile, which has a marketshare of about 27 percent.

EA must have been a little jealous with the attention that Glu was getting today because it also put out a release.

The Los Angeles-based company, which trades under the ticker "ERTS," said two of its games -- Sudoku and Royal Solitaire -- are now available for download on "fifth-generation" iPods on the iTunes store.

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Tricia Duryee
Tricia Duryee
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