Gameloft, one of the biggest publicly-held companies in the mobile gaming space, is issuing American depositary receipts that will allow investors to trade the company’s stock in U.S. markets starting this Thursday.
Deutsche Bank is underwriting the offering. Each Gameloft American depository receipt, or ADR, will be worth four ordinary Gameloft shares, which are currently trading at 3.82 euros or $5.32.
Gameloft, which has a market capitalization of 289.6 million euros ($403.4 million) is one of the more established mobile gaming companies in the sector with popular paid titles like Order & Chaos, Starfront: Collision and Asphalt 6: Adrenaline. Like Electronic Arts, the company has taken a mixed strategy of offering paid apps with in-app purchases, which may have hurt its numbers in terms of raw downloads compared to companies that do purely free apps with in-app purchases.
The company said it made 5.3 million euros ($7.4 million) in net income on 76.8 million euros ($107 million) in revenue in the first half of 2011. Net income was flat from the same time period the year before even though revenue rose 15.3 percent year-over-year.
Smartphone and tablet revenue made up 30 percent of Gameloft’s overall revenue or just over 23 million euros ($32.1 million) in the first half of this year, up 55 percent from the same time a year before.