Rovio confirm plan for IPO on Helsinki NASDAQ

Rovio confirm plan for IPO on Helsinki NASDAQ
Sean Cleaver

By Sean Cleaver

September 5th 2017 at 10:06AM

No date or estimated value has been offically set but the plan is to raise 30 million euros for the Angry Birds creator

According to reports from Reuters, Angry Birds developer Rovio is planning an IPO. This has been long rumoured but it appears as if it is finally happening.

Rovio is planning to raise €30 million via an initial public offering and will use company shares in order to make potential acquisitions. The company confirmed to Reuters that the existing shareholders, including the Hed family and current VC firms Accel Partners and Atomico, will be offering shares.

The listing is to be made on the NASDAQ stock exchange in Helsinki, Finland and, while no value has been set by the company, it is estimated that the value of the company will be $2 billion. No date has been set for the planned IPO either.

Rovio grew exponentially when the company launched Angry Birds in 2009, rapidly expanding its reach to licensing and merchandise potential. As the jets cooled on the franchise, so did Rovio. The company had slowed somewhat until 2016 when a movie tie-in helped boost game sales and figures are projected to increase further this year.

Rovio is currently owned by Trema International, a parent company owned by Kaj Head and Rovio co-founder Niklas Hed. 69 per cent of the company falls under their ownership with the rest owned by venture capitalist firms. Carnegie and Danske will be co-ordinating the IPO.