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WARSAW, Feb 5 (Reuters) – Mobile games developer Huuuge Inc. has set the price for its initial public offering (IPO) at 50 zlotys per share, valuing the deal at 1.67 billion zlotys ($443.74 million), the company said on Friday.
Huuuge, which has a significant base in Poland, adds to a growing list of companies that have targeted IPOs as coronavirus-led restrictions prompt more people to go online for entertainment, shopping and other needs.
The company announced its IPO plans in January and a bookrunner said it was oversubscribed throughout an indicated price range of 40-50 zlotys.
“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,” Huuuge founder and Chief Executive Anton Gauffin said in a statement on Friday.
Gauffin will own shares representing 30.68% votes in the company after the sale of new shares worth 565 million zlotys and existing shares worth 1.1 billion zlotys.
The company said it will use the IPO proceeds on acquisitions and to finance its future growth.
Huuuge’s implied capitalisation will be 4.2 billion zlotys when it makes its debut on the Warsaw bourse around Feb. 19.
($1 = 3.7635 zlotys)
(Reporting by Agnieszka Barteczko Editing by David Goodman)
((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net))
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