Company is searching for new growth after Angry Birds success and could raise $400 million.
Rovio Entertainment Oy is planning an initial public offering as early as next month that could value the maker of the Angry Birds mobile games and movie at about $2b, according to reports based on information from an unnamed source close to the company. Rovio could raise about $400m from a local market listing. No final decisions have been made and the company could also choose to stay private for longer, said the source.
Carnegie Bank A/S, Danske Bank A/S and Deutsche Bank AG are among banks advising on a potential listing, the people said. Representatives for Rovio, Carnegie, Danske and Deutsche Bank declined to comment.
Rovio, based in Espoo, Finland, reported revenue growth of 34% for 2016 to 190.3m euros ($225m) and earnings before interests and taxes of about 17.5m euros compared with a loss in the previous year. The company has been searching for new growth after its initial success with the Angry Birds mobile game.
The company sold parts of its business to Kaiken Entertainment, a startup led by former Chief Executive Officer Mikael Hed and other company veterans, in March. The sale – which included Rovio’s TV animation studio, book publishing business and some non-Angry Birds properties – was part of a reorganisation at the company.