UPDATE 1-Mobile games group Huuuge’s current investors could sell shares in IPO – CEO

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WARSAW, Jan 19 (Reuters) – Cellular video games developer Huuuge Inc. plans to lift as much as $150 million from a brand new share problem and its present shareholders may promote shares value an identical quantity, the corporate’s founder and chief government instructed Reuters.

The corporate had mentioned on Monday it anticipated to lift as much as $150 million from a brand new share problem as a part of its deliberate preliminary public providing (IPO) in Warsaw.

“WSE is among the most energetic gaming public inventory alternate on the globe. I couldn’t discover a higher place for Huuuge for the following chapter,” CEO Anton Gauffin instructed Reuters.

“The providing itself is a hybrid of main and secondary. The first portion is as much as roughly 150 million {dollars} and the secondary shares is an approximate identical quantity…,” Gauffin additionally mentioned.

Huuuge, which employs greater than 400 folks in Poland, joins an inventory of firms which have focused IPOs as coronavirus lockdowns immediate extra folks to go surfing for leisure, procuring and different wants.

The corporate plans to make use of the IPO proceeds for potential acquisitions and funding.

“Final yr we did three acquisitions. I hope that in 2021 we are going to see much more motion,” the CEO mentioned.

The group mentioned it generated income of $244 million for the 9 months to Sept. 30, 2020 in contrast with $187 million in the identical interval of 2019.

Adjusted EBITDA, or earnings earlier than curiosity, tax, depreciation and amortisation, rose to $54.2 million from $9.3 million a yr earlier.

“This fall was excellent for us and December was really our greatest month ever, so all in all 2020 was nice,” Gauffin mentioned.

“I believe that 9 months numbers clearly are giving sort of a sign of what to anticipate for the entire yr when it comes to revenues.”

Reporting by Anna Koper; Modifying by Jane Merriman