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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.

@DeekeTweak
Published Tue, Aug 15 2017 12:32 PM CDT   |   Updated Tue, Nov 3 2020 11:54 AM CST

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

Rovio valuation may soar to $2 billion with IPO | TweakTown.com

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 SOURCE:bloomberg.com

Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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