Angry Birds maker Rovio to list on Nasdaq Helsinki

 
Jasper Jolly
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SONY Premiere Of 'Angry Birds - Der Film' In Berlin
Angry Birds: Coming to a stock exchange near you (Source: Getty)

Angry Birds maker Rovio will float shares on the Nasdaq Helsinki stock exchange, confirming rumours of an imminent initial public offering (IPO) which emerged last month.

The developer of the first mobile game to hit one billion downloads will issue €30m (£27.6m) in shares in the Finnish capital, where it is headquartered, it said in a statement.

The company, which started in 2009 as it rode the back of the massive popularity of the Angry Birds game, also has offices in the UK, Sweden, China and the US.

Rovio says it has 80m active monthly users on average, with 11m of those using its apps every day. That has driven revenue growth to 94 per cent year-on-year in the first half of 2017, to reach €152.6m it announced today.

Rovio chief executive Kati Levoranta said the company has a "diversified games portfolio, proven game development talent and operational excellence as well as our large existing user base".

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Rovio's "diversified games portfolio" on the Google Play app store

Of that, €117.9m came from games and €34.6m from brand licensing, which includes profits from the Angry Birds film, which earned $350m (£270m) at the box office, as well as merchandise. Rovio said it has entered an agreement with Sony-owned Columbia Pictures Industries to produce a sequel to the film, due in September 2019.

Profit for the six months to the end of June reached €13.3m, up from €3.6m during the same period last year. The company did not report which games were its biggest earners. Levoranta said the company's latest results show "strong, profitable growth".

She added: "Rovio is stronger than ever and is well positioned in the fast growing mobile gaming market with our diversified games portfolio, proven game development talent and operational excellence as well as our large existing user base."

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