Romanian mobile game developer Firebyte Games (FRB) reached a market capitalization of RON 49.6 mln (EUR 10 mln) at the end of its first day of trading on the Bucharest Stock Exchange's AeRO market.

The company's shares closed the day at RON 1.41, after opening at RON 1.5 and going as low as RON 1.2 in early trading.

Overall, the investors traded 7.9 million FRB shares, or 22.4% of its total capital, a volume almost equal to the number of shares the company sold in a private placement in February (8.8 mln).

The total value of the transaction reached RON 10.5 mln (EUR 2.14 mln), and the average price was RON 1.33, 2.37 times higher than the price paid by investors in the private placement (RON 0.56 per share).

Firebyte Games develops mobile games in partnership with external partners, based on revenue-share agreements and casual games that it publishes on its own. In 2020, the company recorded operating revenues of RON 1.5 mln (EUR 0.3 mln), an EBITDA of RON 448,000 (EUR 91,000), and a net profit of RON 343,000 (EUR 70,000).

andrei@romania-insider.com

(Photo source: Facebook/Bursa de Valori Bucuresti)