Offended Birds-maker Rovio priced IPO, valuing firm at $1 billion

Fundings and Exits

Offended Birds-maker Rovio Leisure priced its IPO at 11.50 euros, on the high of its proposed vary. It raises 30 million euros in proceeds.

This values the corporate somewhat above $1 billion, simply half of the $2 billion the corporate was beforehand mentioned to be hoping for. The corporate beforehand raised at the very least $42 million in enterprise funding from Accel, Atomico, Felicis Ventures and others. 

Offended Birds apps have been downloaded three.7 billion instances because it was launched in 2009. It was in a position to leverage the success of the sport and switch this into “The Offended Birds Film” final 12 months.

Rovio introduced in 153 million euros in income within the first half of 2017, almost twice what the corporate had in the identical interval final 12 months. Profitability in that timeframe almost quadrupled at 42 million euros this 12 months, in comparison with 11 million final 12 months.

However time will inform whether or not Rovio is ready to outperform different cellular gaming firms which have struggled as public firms. Phrases With Associates-maker Zynga has had a unstable trip on the inventory market and so did Sweet Crush-maker King, which finally offered to Activision Blizzard.

A Finnish firm, Rovio is itemizing on the Helsinki Nasdaq.



Featured Picture: Function China / Barcroft Photos / Barcroft Media by way of Getty Photos

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