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DreamWorks IPO Swims Past Expectations

DreamWorks Animations IPO is expected to raise $812 million besting expectations. Wall Street analysts thought the stock would price between $23 to $25 per share, but it started the day at $28 a share for 29 million shares. In its New York Stock Exchange debut, the stock reached a height of $39.50.

The animation house will use its earnings to pay off debt and fund new productions. As part of its plan, DreamWorks hopes to release two CG films per year. In the beginning of October, DreamWorks released SHARK TALE, which has grossed $140 million in the U.S. and Canada alone. In May, the studio released SHREK 2, which has grossed nearly $850 million globally and has become the third highest grossing film in U.S. history.

DreamWorks stock trades under the symbol DWA.

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