|Rovio found success in a smartphone game that pitted a brightly colored feathered flock against an army of green pigs, spawning a series of sequels, a line of toys and clothing, and a feature film. Now, the Finnish company is planning an initial public offering that could value the company at roughly $2 billion, in a test of whether investors will find favor in a single franchise and whether the business can evolve.|
Angry Birds IPO expected to value parent Rovio at $1 billion
by Katie Roof
September 15, 2017
Remember Angry Birds? Well, apparently enough people are still playing it to justify an IPO.
Rovio Entertainment, the Finnish parent of the popular smartphone game, is getting ready to go public on the Helsinki Nasdaq in two weeks. And it’s set the price range for an IPO that would value the company at about $1 billion, a lot less than the more than $2 billion they were said to be hoping for.
But it will still be a “unicorn” if it goes public at the €10.25 to €11.50 per share that the company is targeting. The IPO will raise about €30 million.
Angry Birds apps have been downloaded 3.7 billion times since it was launched in 2009. It was able to leverage the success of the game and turn this into “The Angry Birds Movie” last year.
The company has raised at least $42 million in equity funding from Accel, Atomico, Felicis Ventures and others.