Finnish mobile games and animation studio Rovio Entertainment sets the initial price range for its planned IPO which would value the company at around 1 billion dollars. Ciara Lee reports.
Hoping to get investors flying high, the Finnish maker of Angry Birds has announced details of a planned listing. Rovio Entertainment has set a price range that would give it a market value of over a billion dollars. Although that's well below potential values cited in media reports. Rovio's games have been downloaded 3.7 billion times, and the firm grew rapidly after the original "Angry Birds" game was launched in 2009. But it's had a turbulent few years. It's been accused of responding too slowly to a shift to freely available mobile games. And business quickly declined as rival games such as Supercell's "Clash of Clans" and King's "Candy Crush Saga" took over. Rovio booked an operating loss and cut a third of its staff in 2015. But sales are on the up on the back of the 2016 3D movie "Angry Birds", as well as new games. Rovio says selling around 55 percent of its shares in the flotation will raise between 438 and 488 million euros. Trading is expected to begin on the Helsinki bourse's pre-list at the end of the month and on the main list at the start of October.