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Social casino game maker Huuuge said it will go public in an initial public offering on the Warsaw Stock Exchange. The company expects to raise $150 million.
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Though a latecomer in the segment, Huuuge found its niche in targeting younger players. It focuses on live operations — frequent updates such as tournaments to keep players coming back.
The company is taking advantage of a big window in gaming IPOs. Playtika went public at an $11.4 billion last week. If you talk about exit deals, or both acquisitions and IPOs, the total value hit $11.6 billion for 158 transactions, according to market analyst InvestGame. The biggest were Zynga’s acquisition of private Peak Games for $1.8 billion and Tencent’s acquisition of Leyou Technologies for $1.4 billion. Activision Blizzard raised $2 billion in senior notes (a form of debt).
Huuuge makes free-to-play social casino mobile games. It said it has 4.74 million monthly active users as off September 30, up from 3.98 million at the end of 2019. CEO Anton Gauffin started the company in 2015.
Huuuge has seen its revenues grow at a compound-annual-growth rate of 30.6% from $152.1 million in 2017 to $259.4 million at the end of 2019.
In the same period its consolidated adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased from a loss of $4.3 million to $24.8 million.
For the nine months ended September 30, Huuuge generated consolidated revenue of $243.5 million compared to $187.3 million for the nine months ended September 30, 2019, reflecting a year-to-year growth of 30%. Last year, Huuuge had to pay $6.5 million to settle a class-action lawsuit accusing the company under Washington state law of violating gambling and consumer protection laws with its its free-to-play social casino games. Others in the industry have also had to pay to settle lawsuits in the state.
Above: Anton Gauffin, the CEO of Huuuge Games, at Casual Connect Europe in 2017.
In the same period Huuuge’s consolidated adjusted EBITDA increased to $54.2 million from $9.3 million. The company’s games include Huuuge Casino and Billionaire Casino. Huuuge operates through three main divisions, Mighty, Brave and HuuugeX. These divisions
manage Huuuge’s internal and external studios and its games.
Huuuge’s lineup includes social casino games such as Huuuge Casino, Billionaire Casino, Stars Slots, and Huuuge Bingo Saga. Its casual games under Coffee Break Games label include Traffic Puzzle, Transport it, Trolls Pop, and Luna’s Quest Bubble Shooter. Games in the early stages of development include Arena, Rogue Land, Arrows & Empires, and Solitaire TriPeaks: Adventure Journey.
In the IPO, a number of investors and the company will sell shares. Those selling include Big Bets OÜ (Anton Gauffin, founder and CEO), RPII HGE (an entity controlled by The Raine Group), Naver KIP Cheer up Gamers Fund, Korea Investment Global Contents Fund (funds managed by Korea Investment Partners), Seoul Investment Patent Venture Fund, Seoul IP Growth Industry Venture Fund (funds managed by Seoul Investment Partners), and Woori Technology Investment. Gauffin plans to retain a significant share of the company still.
Huuuge will use the money for acquisitions and investments, as well as ongoing operations. Gauffin currently holds 42% of the voting rights at the company. The company said it ranks among the top 10 companies in the multibillion-dollar social casino gaming market. The company has more than 600 employees in 10 offices.
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Become a memberIf 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
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.
- You are a Settlement Class Member if you played Huuuge Casino, Billionaire Casino, Stars Slots, and/or other Huuuge Social Casino Games in the State of Washington on or before Preliminary Approval of the Settlement.
- Those who file timely and properly completed claims will be eligible to receive a share of the Settlement Fund. Your share will depend on, among other things, (1) the total dollar amount of in-game purchases you made while playing Huuuge Casino, Billionaire Casino, Stars Slots, and other Huuuge Social Casino Games, with those who spent more money receiving a higher percentage back, (2) whether or not your claims are potentially subject to the Dispute Resolution Provision in Huuuge’s Terms of Use, and (3) how many Settlement Class Members submit claims.
- 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. |
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These rights and options—and the deadlines to exercise them—are explained in the Notice.