Warsaw-based company, Huuuge Games launches the largest public offering in Polish history. It was also the largest mobile game IPO in European history.
The company, which entered the Warsaw Stock Exchange has 10 offices in 8 countries around the world. The value of Huuuge’s offering has amounted to PLN 1.6 billion ($442 million).
Huuuge will use this money for new investments
Huuuge, which announced its public offering plans for the first time last month, announced that it has officially begun trading on Poland’s Warsaw Stock Exchange. The gross income from the issuance of new shares was expected to reach approximately $150 million.
In line with the announcement made, Huuuge CEO Anton Gauffin will continue to hold a significant portion of the shares. Gauffin will remain a major shareholder with a 30.68 percent stake.
The company will use between 90 and 95 percent of the revenue generated through the IPO for new acquisitions and investment activities.
“Mobile gaming is the fastest-growing segment of the gaming market,” said Anton Gauffin, founder and CEO of Huuuge, “with currently 2.5 billion global players and further growth potential as smartphone penetration continues to increase. Within this segment, Huuuge has pioneered massive multiplayer gaming in its social casino franchises, where we are among the world leaders.”
“From now on we are not only an international company but also a public one, which in turn makes us even more global as we make our brand accessible around the world and investors everywhere have the opportunity to share in our success,” Gauffin added.
“We are pleased that there was such a strong demand for the company’s shares on the part of leading Polish and international financial institutions as well as retail investors in Poland.”
Huuuge is said to have raised an estimated $150 million through IPO so far.