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: IBM posts lower 1Q earnings amid hardware slump

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

Weibo IPO below expectations, raises $285.6 mn

9 hours ago

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

'Chief Yahoo' David Filo returns to board

10 hours ago

Yahoo announced the nomination of three new board members, including company co-founder David Filo, who earned the nickname and formal job title of "Chief Yahoo."

Fired Yahoo exec gets $58M for 15 months of work

10 hours ago

Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

IBM posts lower 1Q earnings amid hardware slump (Update)

20 hours ago

IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exacerbated by weaker demand in China and emerging markets.

User comments : 0

More news stories

Tiny power plants hold promise for nuclear energy

Small underground nuclear power plants that could be cheaper to build than their behemoth counterparts may herald the future for an energy industry under intense scrutiny since the Fukushima disaster, the ...

Hand out money with my mobile? I think I'm ready

A service is soon to launch in the UK that will enable us to transfer money to other people using just their name and mobile number. Paym is being hailed as a revolution in banking because you can pay peopl ...

Classifying cognitive styles across disciplines

Educators have tried to boost learning by focusing on differences in learning styles. Management consultants tout the impact that different decision-making styles have on productivity. Various fields have ...