DreamWorks Animation enjoyed a feeding frenzy yesterday as the sharks of Wall Street descended upon its initial public offering. The studio set its IPO price at $28 a share, but it opened at $39.50 and closed out at $38.75, according to USA Today.
The 38% jump in stock price will help DreamWorks Animation reach its goal of raising more than $800 million to keep its toon factory cranking out two features a year. The IPO was necessary in the wake of yearly losses suffered by DreamWorks SKG.
Now valued at $4.1 billion, DreamWorks is gaining ground on $4.6 billion rival Pixar. DreamWorks’ Shrek 2 proved an even bigger hit than Pixar’s Finding Nemo, surpassing it as the highest grossing animated feature in history. That title will be challenged again next weekend when the eagerly awaited Disney/Pixar superhero spoof, The Incredibles, opens in theaters.