Gaming firm defies COVID-19 to become first company of the year to float on Warsaw Stock Exchange
The first company of the year has floated on the Warsaw Stock Exchange main market despite turbulent market conditions.
Games Operator, a gaming company based in Warsaw, made a successful debut on the market having finalized their share allocation in March amid the COVID-19 panic.
The shares were allocated on 18th March at 22 PLN, valuing the company at 117 million PLN
Bartek Gajewski, Games Operators CEO, told TFN: “The last days of the subscription period came at a time when stock markets around the world were being battered in historic proportions.
“The share offering turned out to be a success and is an expression of investors' confidence in the business success of Games Operators and our plans for the future.”
He added that the company plans to allocate around 80 percent of the money raised “on game development, 10 percent on marketing, 5 percent on external testing and 5 percent on translation into foreign languages (English, Chinese, French, German, Spanish and Russian). Each new game will have a budget of between 250,000 PLN and 2 million PLN.”
Their latest game, which will be available from 23rd April, is apt for current conditions with the player choreographing emergency response units to solve problems. The new game, 112 Operator (112 is the emergency number in Poland) is an upgrade to their popular 911 Operator game.
The success of the floatation represents the strength of the Polish gaming sector, with CD Projekt Red recently becoming the country's most valuable listed company, while other gaming companies are looking at IPOs later in the year.
Marek Dietl, CEO of the Warsaw Stock Exchange (GPW), told TFN: “The Polish gaming companies have remained attractive for investors despite the volatility on stock markets worldwide.
“The value of GPW’s WIG.GAMES index has increased by 58.7 percent year on year. Currently, there are 39 gaming companies listed on GPW markets, only the Tokyo Stock Exchange has more companies listed from the games industry.”