Another game developer is ready to go public.
Poland-based Huuuge Inc. announced plans Monday to raise $150 million by offering new shares. The company mainly produces free-to-play casino games.
Huuuge currently touts 4.7 million monthly users and saw annual sales growth of 30% over the past three years. It plans to use the proceeds from the IPO to acquire other companies.
- In the last three years, seven of 21 Polish IPOs have been gaming companies.
- Huuuge will be the 14th gaming company to trade on the Warsaw Stock Exchange.
CD Projekt, which went public in 2018, is the largest gaming studio on the Warsaw bourse. Its shares have fallen 45% since stumbling through the release of the highly-anticipated “Cyberpunk 2077,” which was riddled with performance issues at launch.
A number of mobile gaming companies worldwide have recently had successful IPOs. Playtika, for example, raised $1.9 billion via an IPO last week and its shares jumped 17% in its first day of trading.
Global mobile game revenue is expected to hit $87.7 billion in 2020, up 24% year-over-year. The entire global video game industry is expected to generate $179.7 billion on the year, with the Polish market accounting for about $600 million.
The trend of mobile gaming companies going public is unlikely to slow down. Mobile data and analytics provider App Annie projects mobile game revenue to grow by as much as 20% in 2021, to $120 billion.