Published: Thu, August 17, 2017
Money | By Charlene Sutton

'Angry Birds' Maker Rovio Could Launch IPO Next Month

'Angry Birds' Maker Rovio Could Launch IPO Next Month

Rovio Entertainment is planning an initial public offering as early as September that could value it at about United States dollars 2 billion, according to Bloomberg citing people familiar with the matter. Though, it seems that a final decision has yet to be made, meaning Rovio may decide to stay private for longer.

Mobile game makers often struggle to replicate the success of initial blockbusters. A Rovio spokesperson declined to comment on the rumours to Helsingin Sanomat on Monday.

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The maker of Angry Birds mobile games is on the rebound, increasing sales at a rate topping 90 per cent for a second straight quarter as the company prepares for a potential IPO. The challenge for Rovio is not just to keep attracting players to its titles, but to convince them it's worth spending money on extra features in its games - all the while fighting rivals such as South Korea's Netmarble Games and Supercell, a local competitor.

Kaj Hed owns 70 percent of Rovio, while other investors include venture firms Atomico and Accel Partners.

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Rovio, based in Espoo, Finland, reported revenue growth of 34% for 2016 to €190.3m and earnings before interest and taxes of about €17.5m compared with a loss in the previous year.

Rovio's recognisable angry birds could be about to test their wings on the stock market, according to Bloomberg.

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More precisely, year-over-year revenue leapt up by 94 percent to €86.2 million ($101.3 million) thanks to the continued strong performances of Rovio's games lineup combined with the takings from The Angry Birds Movie. The strong results were mainly driven by the success of the movie named 'The Angry Birds Movie'.

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