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Huuuge Inc, the producer of free-to-play social casino games, said on Monday it expects to raise up to $150 million from a new share issue as part of an initial public offering (IPO) in Warsaw.
The mobile gaming publisher announced its intention to undertake an IPO and apply for listing and admission of the company’s shares on the main market of the Warsaw Stock Exchange.
Huuuge founder and CEO Anton Gauffin intends to retain a significant shareholding in the company.
Huuuge intends to create a free float greater than 25% of the company.
The company said it generated revenue of $244 million for the nine months of 2020 to September 30 compared to $187 million in the same period of 2019.
The firm employs more than 600 people in 10 offices around the world.
Huuuge said: “Currently, the significant shareholders of the company are Anton Gauffin, the founder and CEO, who holds, indirectly through Big Bets OÜ, shares representing 42% of the total votes at the General Meeting of the Issuer, The Raine Group LLC., which holds shares representing 25% of the total votes, Korea Investment Partners, which holds shares representing 11% of the total votes and Woori Technology Investment Co., Ltd., which holds shares representing 5% of the total votes.”
Gauffin said: “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.
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“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.
“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 sub-genre.”
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Link To Download: https://play.google.com/store/apps/details?id=com.zynga.livepoker
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