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Social casino game maker Huuuge said it will go public in an initial public offering on the Warsaw Stock Exchange. The company expects to raise $150 million.

Though a latecomer in the segment, Huuuge found its niche in targeting younger players. It focuses on live operations — frequent updates such as tournaments to keep players coming back.

The company is taking advantage of a big window in gaming IPOs. Playtika went public at an $11.4 billion last week. If you talk about exit deals, or both acquisitions and IPOs, the total value hit $11.6 billion for 158 transactions, according to market analyst InvestGame. The biggest were Zynga’s acquisition of private Peak Games for $1.8 billion and Tencent’s acquisition of Leyou Technologies for $1.4 billion. Activision Blizzard raised $2 billion in senior notes (a form of debt).

Huuuge makes free-to-play social casino mobile games. It said it has 4.74 million monthly active users as off September 30, up from 3.98 million at the end of 2019. CEO Anton Gauffin started the company in 2015.

Huuuge has seen its revenues grow at a compound-annual-growth rate of 30.6% from $152.1 million in 2017 to $259.4 million at the end of 2019.

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In the same period its consolidated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased from a loss of $4.3 million to $24.8 million.

For the nine months ended September 30, Huuuge generated consolidated revenue of $243.5 million compared to $187.3 million for the nine months ended September 30, 2019, reflecting a year-to-year growth of 30%. Last year, Huuuge had to pay $6.5 million to settle a class-action lawsuit accusing the company under Washington state law of violating gambling and consumer protection laws with its its free-to-play social casino games. Others in the industry have also had to pay to settle lawsuits in the state.

Above: Anton Gauffin, the CEO of Huuuge Games, at Casual Connect Europe in 2017.

In the same period Huuuge’s consolidated adjusted EBITDA increased to $54.2 million from $9.3 million. The company’s games include Huuuge Casino and Billionaire Casino. Huuuge operates through three main divisions, Mighty, Brave and HuuugeX. These divisions
manage Huuuge’s internal and external studios and its games.

Huuuge’s lineup includes social casino games such as Huuuge Casino, Billionaire Casino, Stars Slots, and Huuuge Bingo Saga. Its casual games under Coffee Break Games label include Traffic Puzzle, Transport it, Trolls Pop, and Luna’s Quest Bubble Shooter. Games in the early stages of development include Arena, Rogue Land, Arrows & Empires, and Solitaire TriPeaks: Adventure Journey.

In the IPO, a number of investors and the company will sell shares. Those selling include Big Bets OÜ (Anton Gauffin, founder and CEO), RPII HGE (an entity controlled by The Raine Group), Naver KIP Cheer up Gamers Fund, Korea Investment Global Contents Fund (funds managed by Korea Investment Partners), Seoul Investment Patent Venture Fund, Seoul IP Growth Industry Venture Fund (funds managed by Seoul Investment Partners), and Woori Technology Investment. Gauffin plans to retain a significant share of the company still.

Huuuge will use the money for acquisitions and investments, as well as ongoing operations. Gauffin currently holds 42% of the voting rights at the company. The company said it ranks among the top 10 companies in the multibillion-dollar social casino gaming market. The company has more than 600 employees in 10 offices.

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(Bloomberg) -- Huuuge Inc., a developer of free-to-play mobile casino games, was little changed in its first day of trading in Warsaw, a lackluster start for Poland’s biggest-ever gaming industry listing.

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Shares traded at 49.99 zloty as of 12:51 p.m. in Warsaw compared with the 50 zloty issue price in its initial public offering. The company and its owners raised 1.67 billion zloty ($445 million), with Huuuge becoming Poland’s second-biggest listed gaming studio after CD Projekt SA.

The IPO drew strong interest from retail buyers, who on average got 3% of the shares they subscribed for due to high demand. Recent debuts from other online services stocks in Warsaw, including e-commerce platform Allegro.eu SA and gaming studio PCF Group SA, posted double-digit gains in their first trading sessions.

“Huuuge’s debut shows that being in the attractive free-to-play mobile game segment alone may be not sufficient to guarantee extra returns,” Kacper Kopron, an analyst at broker Trigon Dom Maklerski SA, said by phone. He expects investors will wait for Huuuge to move forward with planned acquisitions as proof of its growth strategy.

“Sometimes, the IPO price turns to be at fair value for traders,” Kopron said, though added that Huuuge is trading below its bigger international peers such as Zynga Inc. or Playtika Holding Corp.

Fellow Polish free-to-play gaming studio TEN Square Games SA dropped as much as 5.2% on Friday.

Due to legal restrictions deriving from company’s registration in the U.S., Huuuge can’t be traded via most Polish brokers’ mobile apps, which may affect individual investors’ ability to buy and sell the stock. Still, its shares have the highest trading volume on the Warsaw exchange Friday.

Huuuge’s debut cements Warsaw’s status as an incubator for gaming IPOs after PCF listing in December and four more gaming companies started trading on the market’s NewConnect platform for smaller stocks this year. Though Huuuge is registered in the U.S., most of its staff is in Poland.

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During the stock’s opening ceremony on Friday, Huuuge’s founder and Chief Executive Officer Anton Gauffin said that the Warsaw Stock Exchange is the most active marketplace in terms of gaming listings.

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Huuuge’s 56% free float upon listing may help the stock to get into the mWIG40 Index for mid-sized companies quickly, which would drive more investor flows. It could be eligible to join Poland’s main WIG20 benchmark in the future, according to Pawel Sugalski, a fund manager at Rockbridge TFI SA.

(Updates with share price, analyst comment from second paragraph)

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