Huuuge aims to raise $150m in Polish IPO

The free-to-play games developer intends to apply to have its shares admitted on the Warsaw Stock Exchange’s main market.

Poland.- Huuuge, the developer and publisher of free-to-play games, has confirmed plans to go ahead with an IPO on the Warsaw Stock Exchange.

The company aims to raise $150m through the listing of its shares on the exchange’s main market. Shares will be available to retail and institutional investors in Poland and to certain international investors, 

It will use the funds raised to finance growth initiatives, including acquisitions. The developer first announced its plan to go public in September.

The company aims for a free float of around 25 per cent to ensure it has sufficient aftermarket liquidity and can meet the requirements for listing. 

Chief executive Anton Gauffin said: “As we expand our Huuuge Network and further roll out our diversified gaming portfolio, we see an immense opportunity to leverage the components powering the success of our key franchises, achieving strong scale advantages across our games and benefiting from the network effects of Huuuge’s business model.

“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 and 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.”

Huuuge saw consolidated revenue increase by 30 per cent year-on-year to $243.5m for the nine months up until September 30, 2020.

Last month, Poland’s state-owned gaming operator Totalizator Sportowy partnered with the US venture capital fund ffVC to launch a fund that will invest in gaming startups