Angry Birds maker Rovio to take flight on stock market

The Finnish company behind Angry Birds has announced its intention to list on the Helsinki stock exchange as it looks to raise €30 million (£27.6m).

Rovio is behind games such as Angry Birds Match. Picture: Contributed

Rovio Entertainment said that the flotation would enable it to “pursue its growth strategy and improve strategic flexibility”.

The initial public offering (IPO) will see Trema, Rovio’s largest shareholder, sell down its stake.

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Rovio chairman Mika Ihamuotila said: “We believe Rovio is well positioned to succeed in the growing mobile gaming market and see a bright future ahead for the company.

“The contemplated IPO and listing will offer new shareholders an opportunity to participate in Rovio’s success.”

Rovio, which has also recently launched Angry Birds Evolution, Battle Bay and Angry Birds Match, is on a high after reporting soaring revenue in the second quarter.

Last month the firm said revenue rose to €86.2m in the period as it reaped the rewards of income from The Angry Birds Movie.

The growth was also driven by a 30 per cent increase in the number of monthly paying users for its games and a 51 per cent increase in revenue per monthly paying user.

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Chief executive Kati Levoranta said: “All of our recent launches – Angry Birds Evolution, Battle Bay and Angry Birds Match – have shown better performance in key performance indicators than any previously launched Rovio game, thus suggesting additional growth potential ahead.

“I am confident in our games-first strategy. The contemplated IPO and listing are an important milestone in developing Rovio into an even stronger games-first entertainment company.”

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