Huuuge to file an IPO on the Warsaw Stock Exchange

"The IPO that we have announced today is a major milestone for the company that transforms Huuuge"

Huuuge to file an IPO on the Warsaw Stock Exchange

Free-to-play mobile specialist Huuuge will undertake an initial public offering.

The shares on sale are from both the company and existing investors such as Big Bets OÜ, Korea Investment Global Contents Fund, Naver KIP Cheer up! Gamers Fund and Woori Technology Investment.

However, Huuuge founder and CEO Anton Gauffin intends to keep a significant number of shares. The company will register its IPO on the Warsaw Stock Exchange (WSE).

However, the offering first needs the approval of the Polish Financial Supervision Authority.

Through its new IPO, the company expects to bring in around $150 million, which will be used to grow various initiatives, including possible acquisitions and investments.

Other uses for the funds include the growth in the development of games and marketing.

Top performer

As of September 30th 2020, Huuuge boasted 4.74 million monthly active users (MAU). It represents significant growth over the 3.98 million, 3.72 million and 3.32 million seen at the end of 2019, 2018 and 2017, respectively.

Moreover, between 2017 and 2019, the company saw a compound annual growth rate (CAGR) of 30.6 per cent, as its revenue grew from $152.1 million to $259.4 million.

Furthermore, for the first nine months of 2020, Huuuge generated $243.5 million in revenue, a 30 per cent increase over what was earned between January and September in 2019.

Room to grow

The mobile games industry continues to grow and has become a major games market worldwide. Overall, consumers spent $143 billion on the platform last year.

"Mobile gaming is the fastest-growing segment of the gaming market, 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. The innovative Huuuge play together experience, our social-first ethos, which creates more fun, more engaging gaming in real-time with other players around the globe, is central to our approach.

"Our technology enables us to operate as a smart network offering truly unique world-class content. 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.

Future pursuits

Gauffin continued: "Across our business, our use of data analytics and personalised marketing enables us to acquire, retain and deepen our player relationships, achieving the highest revenue per daily active user in the social casino subgenre. 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 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.

"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."

Huuuge first filed a prospectus for a potential IPO back in September 2020.

Staff Writer

Kayleigh is the Staff Writer for Besides PGbiz and PCGI she has written as a list writer for Game Rant, rambling about any and all things games related. You can also find her on Twitter talking utter nonsense.