Free-to-play mobile games developer and publisher (and one of our DEVELOP 100) Huuuge, Inc has announced its intention to undertake an initial public offering. Huuuge intends to apply for listing and admission of the Company’s shares of common stock on the main market of the Warsaw Stock Exchange.
Anton Gauffin, the founder and CEO, intends to retain a significant shareholding in the company. Huuuge expects that gross proceeds from the issuance of new shares will amount to up to approximately $150 million.
“Mobile gaming is the fastest growing segment of the gaming market,” said Anton Gauffin, founder and CEO of Huuuge, “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.
“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 & 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”
The net proceeds of the Offering will be primarily used to fund growth initiatives such as potential acquisitions and investments and – to a lesser extent – continued long-term growth through game development and marketing
As of September 30 2020, Huuuge has seen 4.74 million monthly active users, compared to 3.98 million, 3.72 million and 3.32 million as at calendar year end 2019, 2018 and 2017, respectively.
Huuuge is one of the fastest-growing mobile game developers. From 2017 to 2019, the company’s consolidated revenue increased from $59.4 million to $152.1 million , reflecting a CAGR of 30.6 per cent.