Huuuge, Inc. completes 2020 with record high results
Huuuge, Inc. (“Huuuge” or the “Company”), a global developer and publisher of free-to-play games, focused on the fast-growing mobile gaming market, has published its financial results for 2020.
Proceeds from IPO will accelerate implementation of strategy
The pillars of the “Build & Buy” strategy are expansion of our games developed internally and growth through publishing and M&A.
In the 1st quarter of this year the Company successfully conducted it initial public offering worth PLN 1.67bn (about USD 442m), raising proceeds from the issue of new shares of approximately USD 100m (gross proceeds, less issuance costs and funds used for stabilization of the share price), which will be used for implementation of the Company’s strategy, primarily acquisitions.
In 2021 the Group plans to focus in particular on the following objectives:
- Improvement of monetization metrics within existing games
- New product development and scaling of new franchises
- Improvement in profitability and EBITDA delivery
- Expanding business through M&A.