Finnish app maker says 'Angry Birds' IPO in late 2013

Aug 02, 2012
An image of the popular video game "Angry Birds" is displayed on an iPod Touch, 2011. Rovio, the Finnish makers of the world's most-downloaded mobile app "Angry Birds", will seek a stock market listing by the end of 2013, chief financial officer Mikko Setala said in an interview.

Rovio, the Finnish makers of the world's most-downloaded mobile app "Angry Birds", will seek a stock market listing by the end of 2013, chief financial officer Mikko Setala said in an interview published Thursday.

"We have prepared a entry for 2013. But the shareholders have not decided when or whether it would even happen," Setala told Swedish economic newspaper Dagens Industrii.

"If we go to the stock market, it would most likely be in the second half of next year. We do not need to raise any more funds at the moment," he said.

Founded in 2003, Rovio had first mentioned its public listing plans in 2011, citing New York and Hong Kong as possible exchanges for the IPO.

Expectations for a listing grew after the company published net profits of 48 million euros on sales of 75.4 million euros for 2011, prompting to forecast astronomical valuations for the firm.

When asked to comment on a valuation of 7 billion euros put forward by some, Setala told the newspaper that the figure was pure "speculation".

"We have not come up with any figures. It would a mistake to do so," he said.

Rovio is mainly owned by the three founders of the company -- including one of the shareholders' father who had remortgaged his house to keep the company alive. Other stakes are held by various such as the founder of internet telephone giant , Niklas Zennstroem.

"Angry Birds" reached more than one billion downloads in May, according to Rovio.

Explore further: Ticketfly buying WillCall for on-premise data

add to favorites email to friend print save as pdf

Related Stories

Angry Birds fly to Facebook

Feb 14, 2012

"Angry Birds", the most-downloaded mobile app of 2011, was catapulted to the world of Facebook on Tuesday in a bid by its Finnish maker Rovio to get one billion people playing the addictive game.

Angry Birds to get own theme parks: company

Dec 15, 2011

The Angry Birds are set fly from the virtual into the real world next year as the cartoonish birds from the popular smartphone game get their own theme parks, a playground company said Thursday.

Recommended for you

Ticketfly buying WillCall for on-premise data

Aug 21, 2014

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0