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GameStop IPO up 12%
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February 13, 2002: 11:23 a.m. ET
New issue of largest video game specialty retailer surges on NYSE.
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NEW YORK (CNN/Money) - Video game retailer GameStop Inc. surged nearly 12 percent in its market debut on the New York Stock Exchange Wednesday.
Shares of GameStop (GME: up $2.10 to $20.10, Research, Estimates) closed at $20.10, for a gain of $2.10.
Grapevine, Texas, based GameStop, the week's first initial public offering, raised $325 million late Tuesday. The company sold 18.06 million shares at $18 each, the midpoint of its $17-to-$19 price range, through lead underwriter Salomon Smith Barney.
GameStop, a unit of Barnes & Noble Inc. (BKS: down $0.43 to $31.35, Research, Estimates), is the largest video game specialty retailer in the United States. GameStop also operates stores under the Babbage's, Software Etc. and FuncoLand names but is in the processing of rebranding all stores to GameStop.
Barnes & Noble announced the GameStop IPO in August and initially planned to launch it in the fourth quarter of 2001. The book retailer bought GameStop in 1999 from a group led by Barnes & Noble CEO Leonard Riggio. 
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