Producer of Angry Birds, Rovio Entertainment Ltd Plans initial public offering to Boost Growth and M&A
Rovio Entertainment Ltd- makers of one of the most popular game, Angry Birds, has decided to move ahead with highly awaited and long-pending IPO (Initial Public Offering) to help fund innovative new games as well as deals in a merging industry, the company disclosed on Tuesday, September 5, 2017. The company located in Finland mentioned that it is planning to raise around US$ 36 million, by selling their new shares. The existing investors of the company that comprise of the uncle of Rovio Entertainment’s co-founder and popular venture capital companies Atomico and Accel Partners- have also agreed to sell a secret share stake in the business.
Games produced and designed by Rovio Entertainment have been downloaded roughly 3.7 billion times in the month of June. The company has declined to impose an anticipated value on their company. According to some media reports, the value can reach as much as US$ 2 billion. Rovio experienced rapid upsurge after launching the original “Angry Birds” game in the year 2009. The game requires its players to use a slingshot and attack pigs attempting to steal bird’s eggs. In addition, the company efficiently cashed on the popularity of the game by licensing and allowing the brand to be used on clothing items and toys.
In 2011, the company said they kept a flotation as a mid-term target, but they experienced little growth as their business declined quickly due to the rise of competitor games like “Candy Crush Saga” produced by King, and “Clash of Clans” produced by Supercell. Moreover, Rovio also appeared to be slow to react to migrate to easily and freely available games that can help in generating revenue mainly from in-game advertising and purchases. Two years ago, in 2015, the company ended up making an operating loss and reduced third of its staff.
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