Angry Birds Maker Rovio Planning IPO

Finnish mobile games and animation studio Rovio Entertainment Ltd said on Tuesday that it was planning an initial public offering (IPO) and listing of its shares in Helsinki in a long-awaited move aimed to boost growth.

The maker of the Angry Birds hit games and 3D movie said the IPO would consist of share sales by its biggest shareholders and a share issue of about EUR 30 million ($35.71 million).

"We are very pleased with the company's strong performance in recent years... The contemplated IPO and listing will offer new shareholders an opportunity to participate in Rovio's success," Chairman Mika Ihamuotila said in a statement.

Following years of falling earnings, job cuts and restructuring, Rovio returned to profit in 2016 on the back of its Angry Birds 3D movie and recovering game sales.

Rovio said the IPO would help it boost growth and also enable it to use shares in potential acquisitions.

Carnegie and Danske are joint global coordinators in the contemplated IPO while Deutsche Bank are joint bookrunners, Rovoi said.

Rovio is 70 percent owned by Trema International, a firm owned by Kaj Hed, the uncle of company co-founder Niklas Hed. Other investors include venture firms Accel Partners and Atomico.

© Thomson Reuters 2017