Jamdat IPO Exceeds Expectations

Representatives from wireless gaming firm Jamdat Mobile have announced that the company has sold 5.3 million shares, at $16 each, on its first day on the Nasdaq stock exchange. This is above the proposed offering range of $13 to $15. Almost 7 million shares were reported to have changed hands, with the final share price closing at $22.51 – an increase of 40% on the initial pricing. Additional shares had to be allocated after unexpected demand. As a company, Jamdat has agreements to distribute its applications in 38 countries through 79 wireless carriers with networks serving approximately 880 million subscribers. Its slate of games includes National Football League (NFL) and Tony Hawk’s Pro Skater mobile licenses, as well as a multiplayer mobile version of PopCap's extremely popular Bejeweled puzzle game. However, 68 percent of the company's total revenue in the first half of 2004 was created through U.S. carriers Verizon Wireless and Sprint PCS, so the company intends to spread its revenue over further U.S. domestic and international carriers as expands, and the American mobile market continues to grow.