Game developer Huuuge plans to raise $150M from Warsaw IPO

Mobile gaming application developer Huuuge Inc. expects to raise about $150 million in an IPO on the Warsaw Stock Exchange, the company said Jan. 18.

The company and its shareholders expect to create a free float of over 25% of Huuuge, with the offering comprising a public subscription of newly issued Huuuge shares and a public sale of existing shares held by major investors including Big Bets OÜ, RPII HGE LLC, Naver KIP Cheer Up! Gamers Fund, Korea Investment Global Contents Fund and Seoul Investment Patent Venture Fund.

Huuuge said it will use the offering's proceeds to fund growth initiatives, including potential acquisitions and investments as well as game development and marketing.

The offering is subject to the Polish Financial Supervision Authority's approval of the prospectus, submitted in September 2020, as well as other regulatory approvals. The company, its directors, selling shareholders and certain non-selling shareholders are expected to be subject to a lock-up deal over their shares following the offering.

Credit Suisse Securities, Sociedad De Valores SA and J.P. Morgan AG are joint global coordinators and joint bookrunners while IPOPEMA Securities SA is acting as a joint bookrunner and investment firm for the proposed offering.