Lockdown boosting the success story of Polish Games Operators’ IPO

After doubling their debut value last week, shares of Polish gaming company Games Operators continue increasing its value on Wednesday, as investors are now betting more on gaming companies due increased interest of the people while staying indoors.

Games Operators came doubling its value on Friday to mark 44 zlotys, suspending its trading for most of the day for having higher bids. Resuming with a share price of 47.3 zlotys on Monday with an increase of 7.5%, the shares started Thursday trading at 44 zlotys, leading the market in terms of turnover value.

The IPO is proving itself highly successful at a time when the Warsaw stock exchange remained struggling to get new companies listed. Even in the whole European region, not a single company went public in the month of March.

Founded in 2015, Games Operators went public in March selling 1.1 million shares including 250,000 new shares at a price of 22 zlotys per share in comparison to a maximum selling price of 28.5 zlotys at the time.

The IPO raised an amount of 24.2 million zlotys ($5.82 million) in total out of which company’s share was 5.5 million zlotys while rest of the amount went to other early investors.

Just a day before Poland went into lockdown on March 13 putting restriction on movement and closing its border to slow the spread of virus, Games Operators concluded book-building process on March 12.

During roadshow for the IPO, we quickly shunned traditional hand shake replacing it with fist bumps, elbows or bowing down like Asian do, said Bartlomiej Gajewski, founder and Chief Executive Officer of Games Operators, in an email to Reuters.

The amount raised by the company through IPO came meeting our expectations and it will help us leading towards our targets, he added.