A bit of surprising news coming by way of our friends over at Moconews: Glu Mobile has filed for an IPO on the NASDAQ, hoping to raise $92 million in common stock. Glu now becomes only the second mobile gaming pureplay IPO in North America after Jamdat Mobile (now part of EA Mobile).
Rafat has also dug into Glu’s SEC filing (which can be found here) and gathered some telling information about their financial state. Glu suffered a net loss of $17.9 million in 2005 and a net loss of $10.0 million in the first nine months of 2006. With major losses as well in 2003 and 2004, Glu had accrued a deficit of $43.7 million, as of September 30, 2006.
This news validates rumors that GLU had been strapped for cash and looking for a solution. Many thought that was going to come through a buyout by Time Warner, which had invested in Glu last year, but I guess they chose the public route.
Glu is one of the best mobile game publishers out there and we hope this sets them on the right track. More Glu info from their SEC filing is after the jump.
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