Huuuge makes muted debut in Poland's biggest gaming firm float

FILE PHOTO: Huuuge logo is seen in this illustration taken February 18, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Shares in mobile games developer Huuuge Inc made a subdued market debut in Warsaw on Friday, following Poland’s largest gaming industry listing to date.

U.S.-registered Huuuge, which employs more than 400 people in Poland, adds to a string of companies that have sought listings as people spend more time online for entertainment, shopping and other needs due to coronavirus restrictions.

Poland’s most recent initial public offerings include e-commerce platform Allegro, online fashion retailer, and gaming company PCF Group (People Can Fly).

“This is a monumental day for us. Today is one big ‘hello world’ moment for team Huuuge”, company founder and Chief Executive Anton Gauffin told an IPO conference call.

Investors from more than 20 countries had participated in the offering, Huuuge said.

Shares were down 0.6% at 1209 GMT, after gaining as much as 9.9% in early trading. In contrast, People Can Fly opened 70% above its IPO price.

“I think investors could have counted on more, especially considering the high interest in the retail investor tranche”, said Trigon DM analyst Kacper Kopron.

Huuuge plans to use the IPO proceeds for new deals under its “build and buy” strategy.

($1 = 3.6963 zlotys)

Reporting by Karol Badohal and Anna Pruchnicka; Editing by Edmund Blair and Steve Orlofsky