1. Business
September 15, 2017updated 18 Sep 2017 11:53am

Angry Birds maker targets $1bn IPO on the Helsinki Nasdaq

Rovio Entertainment, the Finnish maker of the Angry Birds gaming app, is targeting an initial public offering (IPO) that would give it a market value of about $1bn when it lists on the stock market.

Rovio has set a range for its share sale that would value the business at between $960m to $1.07bn.

The Finnish firm expects to list on the main part of the Helsinki Nasdaq on September 29, CNN reported.

Kati Levoranta, Rovio’s chief executive, said the IPO would help the company expand further.

Trema International, the firm’s largest current shareholder, will reduce its stake from 69 percent to under 37 percent as part of the offering.

Levoranta said:

The mobile gaming market is expected to grow fast and Rovio has grown faster than the market in recent years. Angry Birds branded consumer products are already sold in some 120 counties and the first Angry Birds Movie, released in 2016, was an international box-office success.

The Angry Birds gaming app was first released in 2009 and allows players to throw virtual birds at enemy pigs to save their eggs.

The game has been downloaded over 3.7bn times globally.

Meanwhile, the Angry Birds Movie grossed nearly $350m in ticket sales worldwide, according to box office tracker Box Office Mojo.

The company is planning a sequel for 2019.

Mika Ihamuotila, Rovio’s chairman, said in a statement:

The Angry Birds brand has very strong brand awareness globally. We feel that strong brand is one of the key competitive advantages in the gaming market of the future.

For the year to 30 June, Rovio reported revenues of 265.8m euros, of which 210.1m euros came from games and 55.7m euros from brand licensing.

However, the company is still recovering after a difficult couple of years. As recently as in 2015, Rovio was not struggling to perform as well as its market competitors

The company was forced to lay off 39 percent of its staff and appoint a new CEO. The subscription period for Rovio shares will begin on Monday next week.

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