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Rovio valuation may soar to $2 billion with IPO

The vexed bird enthusiasts at Rovio are planning an IPO which could lead to a $2 billion valuation for the company, sources say
By: Derek Strickland | Gaming News | Posted: Aug 15, 2017 5:32 pm

Angry Birds developer Rovio may take some big steps for the company's future earnings.

 

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Rovio Entertainment has laid plans to publicly trade its shares via an IPO that may value the company at a staggering $2 billion, sources have told Bloomberg. People familiar with the matter assert Rovio may start the initial public offering as early as next month, and the Angry Birds-maker could rake in as much as $400 million from a local market listing.

 

The company recently reported strong earnings growth for its second quarter and first-half cycles, up considerably from last year's drop in revenue which triggered restructuring and job cuts across the board. Rovio reported second quarter revenues of 86.2 million euros ($101.31 million), up 94% year-over-year, and 61.3 million euros ($72.04 million) from its games division, up 65% year-over-year.

 

First-half revenues sit at 152.6 million euros ($179.35 million), up a substantial 94.3% year-over-year, of which 77%, or 117.9 million euros ($138.56 million), was made from its games division.

 

Rovio says that the massively successful Angry Birds film, which grossed $350 million worldwide, has surged earnings for its slate of mobile games which include Angry Birds Evolution, Angry Birds, and Battle Bay. Rovio and Columbia Pictures plan to release a sequel to the Angry Birds film in 2019, and earnings from the IPO will help produce the movie.

NEWS SOURCES:Bloomberg.com

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