Huuuge plans to undertake its first public offering

Huuuge ipo
Huuuge plans to undertake its first public offering.

Mobile game developer and publisher Huuuge is planning to undertake its first public offering. The gross income from the issuance of new shares is expected to reach approximately $150 million.  

Huuuge: “Mobile gaming is the fastest-growing segment of the gaming market.”

The shares on sale come from existing investors such as Big Bets OÜ, Korea Investment Global Contents Fund, Naver KIP Cheer up! Gamers Fund and Woori Technology Investment as well as the company.  However, Anton Gauffin, the founder and CEO, intends to retain a significant shareholding in the company.

The offering first needs the approval of the Polish Financial Supervision Authority. Huuuge plans to apply for listing and admission of the Company’s shares of common stock on the main market of the Warsaw Stock Exchange.

“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.

Huuuge Games
The gross income from the issuance of new shares is expected to reach approximately $150 million.  

“In order to deliver our network-centric mission to empower billions of people to play together, we follow our Build and Buy strategy. This means that we continue building and developing our free-to-play mobile game offering while pursuing further growth and scale via our Buy strategy; publishing & acquiring complementary products and businesses. The IPO that we have announced today is a major milestone for the Company that transforms Huuuge and supports our strategy, giving us additional resources and readiness to move forward with its implementation. Moreover, as consolidation increases in our sector, there is an opportunity to significantly accelerate our growth by welcoming the best game creators and developers around the world to partner with Huuuge”

One of the fastest-growing mobile game developers

As of September 30, 2020, Huuuge had 4.74 million monthly active users.

As of September 30, 2020, Huuuge had 4.74 million monthly active users (MAUs). Between 2017 and 2019, the company saw a compound annual growth rate (CAGR) of 30.6 percent as its revenue increased from $152.1 million to $259.4 million. Moreover, Huuuge generated $ 243.5 million in revenue in the first nine months of 2020, which means a 30 percent annual increase from the same period in 2019.

The company expects to generate $150 million in revenue through the new IPO. This income will be used primarily for acquisitions and investments. Apart from these, game development and marketing will also be where the funds will go.

Related Posts