Finnish mobile game and animation studio Rovio Entertainment is reportedly planning an IPO (initial public offering) as early as next month.
The IPO could see the Angry Birds maker raise about $400m, bringing the company’s valuation up to around $2bn – but it could decide to remain private for a little while longer, reports Bloomberg.
The company, based in Espoo, Finland, confirmed in June that it was weighing up the idea of a stock exchange listing, but at the time had not yet made a decision. The latest seems to confirm that an IPO is no longer a case of ‘if’ but of ‘when’.
Rovio sold parts of its business – including its TV animation studio, book publishing business and some non-Angry Birds properties – to Kaiken Entertainment earlier this year, as part of reorganisation. As part of this reorganisation, Rovio also let go of almost 10 per cent of its workforce. Though, on a more positive note, it did also open a development studio in London, which focuses on the making of massively multiplayer online games (MMOs).
The company also announced in May that it was teaming up with Columbia Pictures and Sony Pictures once again to bring a sequel to The Angry Birds Movie to the big screen. With a planned release of 20 September 2019, to coincide with the 10th anniversary of the original game, any IPO funds raised could go toward its development. The first instalment grossed around $350m worldwide.