UPDATE 1-Glu Mobile IPO raises $84 mln, within range

(Adds market cap and details)

NEW YORK, March 21 (Reuters) - Glu Mobile Inc., which publishes games for mobile phones, on Wednesday raised $84 million with an initial public offering that was priced within a forecast range.

The 7.3 million share offering sold for $11.50 per share compared with a $10 to $12 per-share forecast range, according to an underwriter.

The offering price gives the company an initial market capitalization of about $327 million.

Based in San Mateo, California, the company plans to use proceeds from the offering to repay debt, for general corporate purposes, and working capital, according to documents filed with the U.S. Securities and Exchange Commission.

Glu Mobile has developed and published more than 100 games offered by more than 150 wireless carriers and other distributors around the world, including Verizon Wireless, a unit of Verizon Communications Inc. (VZ.N), Cingular Wireless, owned by AT&T Inc. (T.N), and Vodafone Group Plc (VOD.L).

Glu Mobile also narrowed losses to $12.4 million in 2006 from $18 million in 2005, while revenue rose to $46.2 million in 2006 from $25.7 million in 2005, according to the filing document.

Led by Goldman Sachs & Co. and Lehman Brothers, underwriters have the option to buy another 1.1 million shares to cover over-allotments, according to the filing.

The company has applied to list its shares on Nasdaq under the symbol "GLUU" (GLUU.O).