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(Bloomberg) -- Huuuge Inc., a developer of free-to-play mobile casino games, was little changed in its first day of trading in Warsaw, a lackluster start for Poland’s biggest-ever gaming industry listing.
Shares traded at 49.99 zloty as of 12:51 p.m. in Warsaw compared with the 50 zloty issue price in its initial public offering. The company and its owners raised 1.67 billion zloty ($445 million), with Huuuge becoming Poland’s second-biggest listed gaming studio after CD Projekt SA.
© Bloomberg More DiversificationThe IPO drew strong interest from retail buyers, who on average got 3% of the shares they subscribed for due to high demand. Recent debuts from other online services stocks in Warsaw, including e-commerce platform Allegro.eu SA and gaming studio PCF Group SA, posted double-digit gains in their first trading sessions.
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“Huuuge’s debut shows that being in the attractive free-to-play mobile game segment alone may be not sufficient to guarantee extra returns,” Kacper Kopron, an analyst at broker Trigon Dom Maklerski SA, said by phone. He expects investors will wait for Huuuge to move forward with planned acquisitions as proof of its growth strategy.
“Sometimes, the IPO price turns to be at fair value for traders,” Kopron said, though added that Huuuge is trading below its bigger international peers such as Zynga Inc. or Playtika Holding Corp.
Fellow Polish free-to-play gaming studio TEN Square Games SA dropped as much as 5.2% on Friday.
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Due to legal restrictions deriving from company’s registration in the U.S., Huuuge can’t be traded via most Polish brokers’ mobile apps, which may affect individual investors’ ability to buy and sell the stock. Still, its shares have the highest trading volume on the Warsaw exchange Friday.
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Huuuge’s debut cements Warsaw’s status as an incubator for gaming IPOs after PCF listing in December and four more gaming companies started trading on the market’s NewConnect platform for smaller stocks this year. Though Huuuge is registered in the U.S., most of its staff is in Poland.
During the stock’s opening ceremony on Friday, Huuuge’s founder and Chief Executive Officer Anton Gauffin said that the Warsaw Stock Exchange is the most active marketplace in terms of gaming listings.
Huuuge’s 56% free float upon listing may help the stock to get into the mWIG40 Index for mid-sized companies quickly, which would drive more investor flows. It could be eligible to join Poland’s main WIG20 benchmark in the future, according to Pawel Sugalski, a fund manager at Rockbridge TFI SA.
(Updates with share price, analyst comment from second paragraph)
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If you played Huuuge Casino, Billionaire Casino, Stars Slots, or Other Huuuge Social Casino Games, you may be part of a class action settlement.
Important Dates
January 4, 2021 — Claim Form Deadline
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January 4, 2021 — Exclusion Deadline
January 4, 2021 — Objection Deadline
February 11, 2021 — Final Hearing Date
- A settlement has been reached in class action lawsuits against Huuuge, Inc. (“Defendant”), alleging claims based on the sale of virtual chips in the following social casino-style games: Huuuge Casino, Billionaire Casino, Stars Slots, and other Huuuge Social Casino Games. Defendants deny all claims and that they violated any law, but have agreed to the settlement to avoid the uncertainties and expenses associated with continuing the case.
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- Please read the notice carefully. Your legal rights are affected regardless of whether you act or do not act.
| YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT | |
|---|---|
SUBMIT A CLAIM FORM | You must submit a valid claim form either online or by mail. This is the only way to receive a payment. |
EXCLUDE YOURSELF | To exclude yourself, you must affirmatively submit a request to be excluded. You will receive no benefits, but you will retain any rights you currently have to sue the Defendant about the claims in this case. |
OBJECT OR COMMENT | Write to the Court explaining your opinion of the Settlement. |
GO TO THE HEARING | Ask to speak in Court about your opinion of the Settlement. |
DO NOTHING | You won’t get a share of the Settlement benefits and will give up your rights to sue the Defendant about the claims in this case. |
These rights and options—and the deadlines to exercise them—are explained in the Notice.