Wednesday 22 January 2020

Angry Birds maker weighs €1.7bn IPO

A scene from Angry Birds the movie, which Rovio released last year
A scene from Angry Birds the movie, which Rovio released last year

Ruth David

Rovio Entertainment 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 €1.7bn.

Rovio could raise about €340m from a local market listing, people familiar with the matter 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, Danske Bank and Deutsche Bank are among banks advising on a potential listing. Representatives of Rovio, Carnegie, Danske and Deutsche Bank declined to comment.

Rovio, based in Espoo, Finland, reported revenue growth of 34pc for 2016 to €190.3m and earnings before interests and taxes of about €17.5m 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 startup led by former CEO 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 reorganisation at the company. (Bloomberg)

Irish Independent

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