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‘Angry Birds’ Crow At $1bn IPO

Finnish game maker Rovio, which developed the hit game Angry Birds, has laid out an IPO roadmap that would value it around US$1 billion (A$1.25 billion), far less than the $2 billion-plus that many investors were hoping for.

Rovio said the initial price range for its Helsinki public offering would stand at 10.25 to 11.50 euros per share, giving it a valuation of around $1 billion.

The company plans to raise 30 million euros by going public, which it says will be used to pursue its growth strategy, including potential acquisitions.

Revenue in its latest quarter increased 94 percent to 86.2 million euros. However, it also pulled in 24.9 million euros in licensing revenue, largely from The Angry Birds Movie.

Rovio plans to trade on the Nasdaq Helsinki exchange – starting with a pre-list on September 29 and then on the official list on October 3.

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