Angry Birds maker Rovio announces plans for IPO to raise $36 million

Angry Birds maker Rovio announces plans for IPO to raise $36 million

Rovio Entertainment, the maker of the wildly successful mobile game Angry Birds, has announced that it plans to go public with an initial public offering (IPO).

The company also did not set a date for the IPO.

The Angry Birds game has been downloaded more than 3.7bn times, while the first Angry Birds Movie grossed around $350m worldwide in 2016. In December of that year, the company fired 110 employees and closed one of its game development studios to stem the bleeding. And in the first half of this year Rovio's sales nearly doubled to over 180 million dollars.

The big victor in the IPO, however, is likely to be Kaj Hed, the company's former chairman and owner of reportedly 69 percent of the company via his investment vehicle, Trema International Holdings.

"Today, Rovio is stronger than ever", Kati Levoranta, Rovio's chief executive, said in a news release.

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"We believe Rovio is well positioned to succeed in the growing mobile gaming market and see a bright future ahead of the Company", said Mika Ihamuotila, chairman of Rovio's board of directors. Of course, that franchise has birthed several mobile games, a movie - with a sequel on the way in 2019 - and tons of merchandise, but those picking up shares in the company may have their reservations about what more the company can offer. It has since shifted its focus, but has not been able to repeat its earlier success.

The company has worked to cut costs, and its share price has recovered somewhat as its outlook has improved.

In the offering, shares will be sold to individuals and corporations in Denmark, Finland and Sweden, as well as institutional investors inside and outside of Finland.

Rovio said the IPO would help it boost growth and also enable it to use shares in potential acquisitions.

The underwriters for the offering are Carnegie Bank, Danske Bank and Deutsche Bank.

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