The maker of hit mobile phone game ''Angry Birds'' is planning an initial public offering to raise around 30 million euros ($36 million) and potentially use its shares to make acquisitions. Jacob Greaves reports
The maker of hit mobile phone game Angry Birds is hoping to soar with an initial public offering Rovio entertainment looking to issue additional shares worth around 36 million dollars The Finnish company also said some existing shareholders would sell their stakes, though it wouldn't give details. It declined to put an estimated value on the business- though some traders have said it could be as high as 2 billion dollars. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "For me I think Angry Birds the game is so last decade. And ultimately for what I want to see is some evidence that they've got a plan for going forward beyond the beyond the movies." The gaming firm's success has so far been driven by Angry Birds and its multiple offshoots... The tech firm gave birth to the game in 2009. Its rapid growth WAS stunted by the onset of new challengers. And critics say it's still too dependent on the original game. But in 2016 a 3D movie release gave a new boost to the brand - and company revenues. Another feature film is also in the offing. And in the first half of this year Rovio's sales almost doubled to over 180 million dollars. Now the company will be hoping for a similar narrative as they get ready to go public.