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Angry Birds maker Rovio said to plan IPO at $2 billion value

LiveMint logoLiveMint 14-08-2017 Ruth David

London: Rovio Entertainment Ltd is planning an initial public offering as early as next month that could value the maker of the Angry Birds mobile games and movie at about $2 billion, said people familiar with the matter.

Rovio could raise about $400 million from a local market listing, the people said, asking not to be identified as the details aren’t public. No final decisions have been made and the company could also choose to stay private for longer, they said.

Carnegie Bank A/S, Danske Bank A/S and Deutsche Bank AG are among banks advising on a potential listing, the people said. Representatives for Rovio, Carnegie, Danske and Deutsche Bank declined to comment.

Rovio, based in Espoo, Finland, reported revenue growth of 34% for 2016 to €190.3 million ($225 million) and earnings before interests and taxes of about €17.5 million compared with a loss in the previous year. The company, like many game makers, has been searching for new growth after its initial success with the Angry Birds mobile game.

The company sold parts of its business to Kaiken Entertainment, a start-up led by former chief executive officer Mikael Hed and other company veterans, in March. The sale—which included Rovio’s TV animation studio, book publishing business and some non-Angry Birds properties—was part of a reorganization at the company. Bloomberg

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