Glu Mobile looks to raise $30 million with stock offering

Glu Mobile, the free-to-play mobile games company that bought and then closed GameSpy, is moving on with a public offering of stock that seeks to raise $30 million, the company announced yesterday.

The offering is for 8.5 million shares of common stock at $3.50 per share; the offering is expected to close June 4.

Glu Mobile's most well known free-to-play games are Eternal Warriors and Deer Hunter. Earlier this month it announced it was acquiring PlayFirst, the developer and publisher of Diner Dash, in a deal worth a combined $15 million.

GameSpy, which provided multiplayer functionality for dozens of games on consoles, computers and mobile devices, closes for good today. Its shutdown forced several games — including Mortal Kombat, Halo: Combat Evolved, Red Dead Redemption and Grand Theft Auto 4 — to find alternatives for online services GameSpy had provided.

Glu's public offering follows one for King.com, makers of Candy Crush Saga, which sought to raise $7 billion in March. King's share price dropped almost immediately from its $22.50 debut; it closed at $16.20 yesterday.