Social game developer Huuuge began trading on Poland’s main Warsaw Stock Exchange, in what it said was the largest mobile games IPO ever in Europe.
The IPO is valued at PLN 1.67 billion (322.6 million / 372.0 million / $ 451.4 million) and is also considered the largest IPO of a company in the securities industry. games in WSE history.
Huuuge has raised around PLN 565.0 million of gross proceeds from the offering, which the developer says will be used for potential acquisitions and also to fund its long-term future growth plans.
The IPO plans were first announced in January, while Huuuge presented details about the offering price this month. It also announced in January its intention to use more than 90% of the PLN 565 million it has raised through the sale of new shares to continue acquisitions of other social game studios.
The offering price was set at PLN 50 per share, implying that the market capitalization of the developer when listed would be PLN 4.2 billion.
Following the offer, the major shareholders of Huuuge are its founder and CEO, Anton Gauffin, who now owns, indirectly through Big Bets O, shares representing 30.68% of the total shares.
The Raine group also owns shares representing 12.96% of the total votes.
In terms of other investments, the IPO has attracted the interest of investors in more than 20 countries around the world.
Now we are not only an international company but also a public company which makes us even more global as we make our brand accessible worldwide and investors around the world have the opportunity to share our success, said Gauffin.
We are pleased with the strong demand for the company’s shares from major Polish and international financial institutions as well as retail investors in Poland.
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