Glu Mobile hopes to raise $30m from stock sale

Free-to-play game developer and publisher Glu Mobile is looking to raise just under $30 million from the sale of 8.5m shares.

The San Francisco firm aims to use the money raised to fund new acquisitions and investments in companies, technologies and products. The stock for sale has been priced at $3.50 per share.

The offering is expected to close on June 4th.

Glu Mobile is responsible for titles such as Deer Hunter, Frontline Commando 2 and Pirates of Everseas. It has previously acquired companies such as Griptonite Games, PlayFirst and GameSpy Technologies.

Following the acquisition of the latter in 2012, earlier this year the firm made the decision to close all GameSpy servers, affecting dozens of games using the service, including 50 EA titles.