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Abu Dhabi, UAEThursday 13 December 2018

Angry Birds maker said planning IPO

Rovio Entertainment offering could value the firm at about US$2 billion

The world premiere of Angry Birds the movie in California last year. Rovio, the creator, plans to raise cash via an IPO. Jordan Strauss / Invision/AP
The world premiere of Angry Birds the movie in California last year. Rovio, the creator, plans to raise cash via an IPO. Jordan Strauss / Invision/AP

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 US$2 billion, said people familiar with the matter.

Rovio could raise about $400 million from a local market listing, the people said, asking not to be identified. 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 per cent for 2016 to €190.3 million (Dh826.5m) and earnings before interests 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.

The company sold parts of its business to Kaiken Entertainment, a start-up led by the former chief executive 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.