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Huuuge begins trading on Poland’s Warsaw Stock Exchange
| By Robert Fletcher
Social games developer Huuuge has commenced trading on the main market of Poland’s Warsaw Stock Exchange, in what it said is the largest-ever mobile gaming initial public offering (IPO) in Europe.
The IPO is valued at PLN1.67bn (£322.6m/€372.0m/$451.4m) and is also said to be the largest IPO for a gaming sector company in the history of the WSE.
Huuuge raised approximately PLN565.0m in gross proceeds from the offering, which the developer said will be used for potential acquisitions and also to fund its long-term future growth plans.
Plans for the IPO were first announced in January, while Huuuge this month set out details regarding the pricing of the offering. It also announced in January that it intends to use more than 90% of the PLN565m it raised through the sale of new shares to pursue acquisitions of other social gaming studios.
The offer price was set at PLN50 per share, with this implying that the market capitalisation of the developer upon listing would be PLN4.2bn.
Following the offering, significant shareholders of Huuuge are its founder and chief executive, Anton Gauffin, who now holds, indirectly through Big Bets OÜ, shares representing 30.68% of total shares.
The Raine Group also holds shares representing 12.96% of the total votes.
In terms of other investment, the IPO attracted interest from investors in more than 20 countries around the world.
“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 said.
“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.”