LOS ANGELES (AP) – DreamWorks Animation Inc., the film studio behind “Shrek” and “Shark Tales,” went public Thursday on Wall Street, and its new stock immediately shot up 36 percent.

The stock had been priced at $28 a share but opened at $38 on the New York Stock Exchange.

The company is being spun off by its privately held parent, DreamWorks SKG, formed 10 years ago by Jeffrey Katzenberg, Steven Spielberg and David Geffen.

At its offering price, DreamWorks will raise $812 million from the 29 million shares made available.

After the initial public offering, Katzenberg and Geffen will have 93 percent voting control of the company, leaving individual investors with almost no voice.

The near future looks bright for the company, which is slated to release two films next year, the computer-animated “Madagascar” and the stop-action “Wallace & Grommit” movie. The company is also planning “Shrek 3” for 2006.

But DreamWorks Animation will also be carrying heavy debt. It faces considerable competition from Pixar and other companies, including the Walt Disney Co. and Twentieth Century Fox, which are making computer-animated features.

And insiders, such as Spielberg and early DreamWorks backer Paul Allen, can begin selling their stock after six months, which could drive the price down.

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