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Huuuge Games planning stock market flotation: Reuters
Posted on Thursday, 13 February 2020 12:43
Huuuge Games is preparing for an initial public offering (IPO) after rival Polish mobile games developer CD Projekt performed well on the markets, banking and broking sources told Reuters.
According to one of the insiders, the company is heading towards a listing later this year and is likely to float in Warsaw, which has faced a decline in turnover due to the lack of new businesses looking to go public on the bourse.
The group is likely to sell around 40.0 per cent of its existing shares, via the IPO.
With operations in Germany, Poland, Hong Kong and the US, among other locations, Huuuge Games is an international games developer and publisher with offices in ten cities around the world and 1.50 million daily active users across 194 countries.
The company reportedly generated revenue of PLN 221.00 million (USD 56.60 million) in 2018.
A spokeswoman for the group told Reuters in an emailed statement that Huuuge Games is considering various options, related to the further development of the business; however, no final decision has been made at this time.
CD Projekt is a Polish video game developer, publisher and distributor listed in Warsaw.
Shares in the company have increased significantly since listing at PLN 6.64 in 2013 and improved 166.1 per cent from PLN 117.70 on 13th February 2019 to PLN 313.20 on 12th February 2020.
Zephyr, the M&A database published by Bureau van Dijk, shows there were seven IPOs that raised the equivalent of USD 12.00 million on the Warsaw Stock Exchange announced in 2019, compared to 18 listings valued at USD 94.00 million in 2018.
Interestingly, four of the seven flotations that took place last year involved Polish video games developers, including the largest of these as BoomBit fetched PLN 35.15 million.
Carbon Studio, ECC Games and Art Games Studio also made their stock market debuts in 2019, with other businesses listing in Warsaw including Db Energy, Massmedica and Plantwear.
© Zephus Ltd