Angry Birds maker Rovio valuing company at $1 billion
Angry Birds-maker Rovio Entertainment priced its IPO at 11.50 euros, giving it a market value of $1.06 billion before its market debut on Friday. Rovio, whose games have been downloaded 3.7 billion times, announced its long-awaited IPO this month.
“We are extremely happy and proud of the great interest toward Rovio’s I.P.O., both by Finnish and international investors,” Kati Levoranta, the Rovio chief executive, said in a news release.
The company grew rapidly after the original “Angry Birds” game was launched in 2009, but was slow to respond to a shift to freely available mobile games that make revenue from in-game purchases. Angry Birds was the first-ever mobile game to reach one billion downloads, according to Rovio.
Rovio has also struggled to show there is life beyond Angry Birds with a number of gaming flops, and it was forced to abandon ambitions to become a Disney of the gaming world with interests in everything from theme parks to education. But the Finnish company has been saved by its big bet on the success of The Angry Birds Movie, which made $350m at the box office and with a sequel to follow.