Global law firm White & Case LLP has advised Delaware-based corporation Huuuge, Inc. (Huuuge), a global developer of free-to-play games and publisher of digital games on mobile and web platforms, on its initial public offering (IPO) on the regulated market of the Warsaw Stock Exchange.
The PLN 1.67 billion (approximately €372 million) IPO was the largest IPO of a gaming sector company in the history of the Warsaw Stock Exchange, and the largest mobile gaming IPO in Europe. The IPO comprised a primary component of PLN 565 million (approximately €126 million) and a secondary placement of PLN 1.1 billion (approximately €245 million). Huuuge, together with its shareholders, sold 33.32 million shares at PLN 50 per share – the maximum price set in the IPO.
Huuuge's value in the IPO was PLN 4.2 billion (approximately €937 million). It raised PLN 565 million (approximately €126 million) in gross proceeds, which will be used for potential acquisitions and to finance its continued long term future growth.
Huuuge is the first US incorporated company to list its shares on the Warsaw Stock Exchange and conduct an international offering to Polish and international investors under Regulation S and to US-qualified institutional buyers under Rule 144A, utilizing recent amendment to the Warsaw Stock Exchange Listing Rules allowing listing of shares offered in reliance on Category 3 of Regulation S and Rule 144A.
The White & Case team which advised on the transaction included partners Marcin Studniarek (Warsaw), Maia Gez (Silicon Valley) and Jill Concannon (London), counsel Doron Loewinger (London) and Bartosz Smardzewski (Warsaw) and associates Monika Dużyńska, Wanda Kudrycka, Dawid Książek and Michał Truszczyński (all Warsaw).
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