On Monday, U,S. registered mobile games developer Huuuge Inc stated, it expects to raise up to $150 million from issueing new share issue as part of its planned initial public offering (IPO) in Warsaw.
The development comes in the wake of consumers surging for online entertainment in the wake of coronavirus-induced COVID-19 lockdown measures.
Polish parcels locker firm InPost also announced its IPO plans in Amsterdam with a surge in online shoppers. The company is used in Poland by sellers on e-commerce platform Allegro, which debuted at the Warsaw Stock Exchange in October 2020.
In August 2020, Huuuge had submitted its IPO prospectus; it plans to use proceeds from its planned IPO towards potential acquisitions and investments. It expects its free float to be more than 25% of the company.
The company’s biggest shareholder is its founder and Chief Executive Anton Gauffin, who holds 42% of the company’s total votes.
Sociedad de Valores, S.A., Credit Suisse Securities, and J.P. Morgan AG will be its joint global coordinators and bookrunners.
In the nine months to Sept 30, 2020, it generated revenues of $244 million compared to $187 million in the same period during the previous year.
The company employs more than 600 people in 10 offices around the world.
Poland has emerged as leading exporter of video games thanks to its low labour costs, young and well educated workforce and a thriving gaming tradition rooted in the Communist era.