Casino game studio Huuuge has announced plans to go public on the Warsaw Stock Exchange. The company expects to raise around $150 million from the initial public offering (IPO), with that cash being used to fund growth initiatives including acquisitions and investments.
The free-to-play studio primarily develops and publishes social casino games on mobile, none of which feature real-money gambling, and boasted 4.74 million monthly active users across its portfolio as of September 30, 2020.
It also made $863 million in revenue from its top two titles, Huuuge Casino and Billionaire Casino, from 2017 to September 2020, and claims to have a "proven playbook of marketing strategies" that allow it to drive engagement and attract players.
Explaining the rationale behind the IPO, Huuuge CEO and founder Anton Gauffin said the company wants to further capitalize on the growth potential of the mobile market, which currently has 2.5 billion players around the world.
"Across our business, our use of data analytics and personalized marketing enables us to acquire, retain and deepen our player relationships, achieving the highest revenue per daily active user in the social casino sub- genre," they commented.
"In order to deliver our network centric mission to empower billions of people to play together, we follow our Build and Buy strategy. This means that we continue building and developing our free-to-play mobile game offering while pursuing further growth and scale via our Buy strategy; publishing & acquiring complementary products and businesses."