Shares in mobile games developer Huuuge Inc. jumped 5% on its market debut in Warsaw on Friday, following Poland’s largest gaming industry listing to date.
U.S.-registered Huuuge, which employs more than 400 people in Poland, adds to a string of companies that have sought listings as people spend more time online for entertainment, shopping and other needs due to coronavirus restrictions.
Poland’s most recent initial public offerings (IPOs) include e-commerce platform Allegro, parcels locker firm InPost and online fashion retailer Answear.com.
With a market capitalisation of 4.44 billion zlotys ($1.20 billion), Huuuge is bigger than peers PlayWay and Ten Square Games. It is set become the second most-valued Polish gaming company after CD Projekt.
“This is a monumental day for us. Today is one big ‘hello world’ moment for team Huuuge,” the company’s founder and Chief Executive Anton Gauffin told an IPO conference call.
Investors from more than 20 countries had participated in the offering, Huuuge said.
Shares had jumped 5% to 52.6 zlotys by 0913 GMT, after opening flat compared to its 50 zloty IPO price.
Huuuge plans to use the IPO proceeds for new deals under its “build and buy” strategy.
($1 = 3.6963 zlotys)
Reporting by Karol Badohal and Anna Pruchnicka; Editing by Edmund Blair