Shares of the San Mateo-based company started the day’s trading flat, but picked up to $12.80 in afternoon trading on Nasdaq.
The company had issued 7.3m shares at $11.50 a piece on Wednesday. It raised $84m and the price was within the forecast range of $10 to $12 per share.
Goldman Sachs & Co and Lehman Brothers led the offering which now gives Glu Mobile a market cap of around $327m. Underwriters have an option to buy another 1.1 million shares according to a filing with the Securities and Exchange Commission.
Glu Mobile develops over a 100 games that are offered by carriers like Verizon, Cingular and Vodafone.
The company also announced narrowed loses of $12.4m in 2006, from losses of $18m in the prior year. Meanwhile, revenue for 2006 rose to $46.2m from $25.7m in 2005.
