Global producer and publisher of free-to-play games, focusing its activities on the rapidly growing market of mobile games, Huuuge made its debut on the main market of the Warsaw Stock Exchange. The total value of Huuuge's public offering was PLN 1.67 billion (approximately$442 million). This means that it was the largest offer of a company from the gaming industry in the history of the Warsaw Stock Exchange and the largest offer of a company from the mobile gaming industry in Europe.
The company obtained proceeds from the issue of shares at the level of approximately PLN 565 million gross (approximately $150 million) and plans to allocate them to activities related to acquisitions of other entities and to finance further long-term growth.
"This is an absolutely special day for Huuuge. It marks the end of the strategic transformation that we have tirelessly worked on over the past few years. From now on, we are not only an international company but also a public company, which makes Huuuge even more global - our company is available worldwide. brand and international investors have the opportunity to contribute to our success. This is crucial to our long-term strategy and we are very excited to start our listing on the Warsaw Stock Exchange," Anton Gauffin, Huuuge's founder and CEO, said.
During the first day of trading, the company lost 1 percent to PLN 49.5, with a turnover of nearly PLN 682 million. As assessed by Kacper Koproń from Trigon DM, the fall in Huuuge's share price during the stock exchange debut is surprising and has a negative impact on the valuation of the game development industry. According to the analyst, Huuuge is currently valued similarly to comparable companies, and additional catalysts may be needed to increase the valuation of Friday's rookie, such as acquisitions or good data on game revenues.