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Home>UPDATE: 'Angry Birds' maker Rovio sets IPO price at top end of range

UPDATE: 'Angry Birds' maker Rovio sets IPO price at top end of range

UPDATE: 'Angry Birds' maker Rovio sets IPO price at top end of range

09/29/2017

By Ciara Linnane, MarketWatch

Trading of the company's shares is expected to start in Helsinki on or about Sept. 29

Finnish videogame maker Rovio Entertainment Oy, the creator of the "Angry Birds" franchise, has set the price of its initial public offering at 11.50 euros ($13.52) a share, The Wall Street Journal reported Thursday.

The pricing, which comes at the top of the initial price range of EUR10.25 to EUR11.50, gives the company a valuation of EUR896 million, said the paper.

When the company initially announced plans to list, expectations were for a valuation closer to $2 billion, The Wall Street Journal reported earlier this month. (https://www.wsj.com/articles/angry-birds-maker-rovio-sets-pricing-for-1-billion-ipo-1505457044)

Chinese internet giant Tencent Holdings Ltd. (0700.HK) acquired Finnish mobile-game maker Supercell Oy, the creator of the "Clash of Clans" franchise, last year in a deal that valued the company at more than $10 billion. (https://www.wsj.com/articles/tencent-agrees-to-acquire-clash-of-clans-maker-supercell-1466493612)

Rovio will receive proceeds of EUR (https://www.wsj.com/articles/angry-birds-maker-rovio-sets-pricing-for-1-billion-ipo-1505457044)30 million from the offering, the company said. Trading of the company's shares is expected to start in Helsinki on or about Sep. 29.

In the first half of the year, Rovio reported revenue of EUR152.6 million, a 94% increase from the year-earlier period.

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