Angry Birds maker said to plan IPO at $2bn value

2017-08-14 10:31 - Ruth David, Bloomberg News
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Angry Birds


London - 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 $2bn, said people familiar with the matter.

Rovio could raise about $400m from a local market listing, the people 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, the people said. Representatives for Rovio, Carnegie, Danske and Deutsche Bank declined to comment.

Rovio, based in Espoo, Finland, reported revenue growth of 34% for 2016 to €190.3m and earnings before interest 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.

Proceeds from an IPO could help the company fund the “Angry Birds Movie 2,” a film planned for 2019 which follows last year’s original that made about $350m in worldwide box-office sales. Rovio is also focusing on fueling demand for game titles such as Battle Bay and newer versions of Angry Birds.

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.

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