Angry Birds Maker Rovio's IPO Takes Flight in Helsinki

Angry Birds Maker Rovio's IPO Takes Flight in Helsinki
Highlights
  • Rovio launched its IPO on the Helsinki stock exchange Monday
  • Rovio said it was putting 37 million shares up for sale
  • The company also hopes to raise EUR 30 million in a new share issue
Advertisement

Finland's Rovio, creator of the hugely popular smartphone game Angry Birds, launched its initial public offering (IPO) on the Helsinki stock exchange on Monday, valuing the company at almost EUR 900 million ($1.1 billion).

Rovio said it was putting 37 million shares up for sale at between 10.25 and 11.50 euros apiece in the stock flotation.

The company also hopes to raise EUR 30 million in a new share issue, and its main owners, including Dutch holding Trema International, will also market a portion of their shares.

The offer, which is valid until September 26, is available to private investors in Finland, Sweden and Denmark, and institutional investors in Finland and abroad.

After an overall fall in sales and the slashing of almost one in six of its workforce in 2014, followed by a loss-making 2015, the company accelerated its diversification.

The Angry Birds movie from 2016, produced by Sony Entertainment, was a huge success as it grossed $350 million worldwide, which is expected to help bolster Rovio profits in 2017 and 2018.

Rovio Entertainment's revenue grew by 94 percent in the first half of 2017, compared to the same period of 2016, to EUR 152.6 million, for a net profit of EUR 13.3 million, thanks to a strong performance in the second quarter.

Rovio also runs "Angry Birds" theme parks in several countries, including Finland, China and Spain.

It oversees the publication of children's books in a dozen languages on the famous birds while boasting an average of 80 million active players per month and 11 million per day.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Xiaomi Mi Max 2 Gets 32GB Storage Variant, Launches Wednesday: Price, Specifications
Digital Payments Bound to Pick Up With New Technology: Jaitley
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »