[From the industry] Huuuge, Inc announces the pricing of its initial public offering

This is a press release, posted unchanged in addition to our usual news coverage. 

Huuuge, Inc. (“Huuuge” or the “Company”), a global free-to-play games developer and publisher focused on the fast-growing mobile gaming market, today announces the pricing of its initial public offering (the “IPO” or the “Offering”) at PLN 50 per share (the “Offer Price”) and the final number of shares in the Offering at  33,316,686.

 The value of the Offering will therefore amount to PLN 1.67 billion (approx. USD 442 million) and represents the largest IPO of a gaming sector company in the history of the Warsaw Stock Exchange. 

Anton Gauffin, founder and CEO of Huuuge, commented: “We are a global company on a mission to empower billions of people to play together. Today we are taking a major step forward by welcoming all our new shareholders, who will join us as we bring social gaming to an ever greater number of players around the World. We are delighted with such a positive response from investors across the globe, which we believe reflects the confidence in our growth plan and strength of Huuuge’s social and global business model.

Becoming a public global company starts a new chapter for Huuuge. It means we are ready to accelerate our Build & Buy growth strategy, building our smart network and portfolio of games, continually advancing the social gameplay experience with new innovations and ideas, and realising new opportunities to bring people together.”

Summary of the Offering 

• The Offer Price has been set at PLN 50 per share
• The final price for the Offer Shares is identical for Retail Investors and Institutional Investors
• The total value of the Offering is PLN 1.67 billion (approximately USD 442 million)
• The Offering is the largest IPO by a gaming company in the history of the Warsaw Stock Exchange
• The Offering comprises a primary component of PLN 565 million (approximately USD 150 million) and a secondary placement of PLN 1.1 billion (approximately USD 292 million)
• At the Offer Price, the implied market capitalisation of the Company upon completion of the listing will be PLN 4.2 billion (approximately USD 1.1 billion)

The final number of Offer Shares offered to Retail Investors has been set at 1,665,834 (ca. 5% of the Offer Shares); the remaining 31,650,852 Offer Shares have been offered to Institutional Investors (ca. 95% of the Offer Shares)

Following completion of the Offering the free float, defined as shares held by shareholders whose share in capital will not exceed 5%, will be approximately 56% of the Company’s share capital

On completion of the Offering, the significant shareholders of the Company will be Anton Gauffin, the founder and CEO, who will hold, indirectly through Big Bets OÜ, shares representing 30.68% of the total votes at the General Meeting of the Company and The Raine Group LLC., which will hold shares representing 12.96% of the total votes.

The Company will raise approximately USD 150 million (PLN 565 million) in gross proceeds from the Offering, which will be used for potential acquisitions and to fund the Company’s continued long-term future growth

The first day of listing and trading of the Company’s shares on the Warsaw Stock Exchange is expected to be around 19 February 2021 (the “Listing Date”)

Following the Offering, the Company, its directors, Selling Shareholders and certain non-selling shareholders will be subject to a lock-up agreement in respect of their shares following the listing date. It will remain in effect for 360 days following the listing date in the case of the Company and Big Bets OÜ (controlled by Anton Gauffin), and 180 days in the case of the other Selling Shareholders and certain non-selling shareholders as well as members of Board of Directors (other than Anton Gauffin to whom a lock-up of 360 days will apply)

Credit Suisse Securities, Sociedad de Valores, S.A. and J.P. Morgan AG are acting as the Joint Global Coordinators and Joint Bookrunners, and IPOPEMA Securities S.A. as a Joint Bookrunner and Investment Firm

The Retail Consortium in Poland, accepting subscriptions from Retail Investors, included IPOPEMA Securities S.A. (Joint Bookrunner and Investment Firm), brokerage houses of mBank S.A., PKO BP, BOŚ, BDM and Noble Securities