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Rovio’s recognisable angry birds could be about to test their wings on the stock market, according to Bloomberg.
Rovio’s recognisable angry birds could be about to test their wings on the stock market, according to Bloomberg.

 

Rovio Entertainment is planning on launching an initial public offering as early as next month in a possible attempt to fund the Angry Birds Movie 2, reports Bloomberg.

The initial public offering could value the entertainment company at approximately two billion euros, according to sources familiar with the matter who spoke to the news agency. Rovio, however, has yet to make its final decision and could opt to remain in private ownership.

Rovio reported a year-on-year improvement in both its net sales and operating profit in 2016, the former increasing from 140 million to 190 million euros and the latter from -21 million to 17.5 million euros.

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The company thus rebounded quickly from its first loss-making year since the launch of its flagship franchise, the Angry Birds, in 2009.

The recovery is partly a consequence of the commitment of the game studio to streamlining its organisational structure. Rovio in 2015 reduced its headcount from over 800 to 460 and re-located to a smaller premises in Keilaranta, Espoo.

Bloomberg reminds that despite the positive trajectory of the entertainment company, the initial public offering would “test investors’ appetite” for entertainment software developers that, according to data compiled by the news agency, have seen their shares slide by an average of 18 per cent following initial public offerings this year.

Taloussanomat and Helsingin Sanomat have reported about the rumoured initial public offering in Finland. A Rovio spokesperson declined to comment on the rumours to Helsingin Sanomat on Monday.

Aleksi Teivainen – HT
Photo: Kimmo Mäntylä – Lehtikuva

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