Finnish gaming company and Angry Birds producer Rovio Entertainment announced on Tuesday its intention to launch an initial public offering (IPO), listing its shares on the Helsinki stock exchange market.
Rovio said that it is planning a share issue of about 30 million euros (36 million U.S. dollars) in connection with the contemplated IPO.
The shares are expected to be offered to private individuals and entities in Finland, Sweden and Denmark, along with institutional investors in Finland and internationally.
The goal of the contemplated IPO would enable Rovio to pursue its growth strategy and improve strategic flexibility, while the listing would allow the company to obtain access to capital markets and broaden its ownership base, said Rovio in a press release. The potential IPO would strengthen the company's brand recognition and thus enhance its competitiveness, it added.
"The contemplated IPO and listing are an important milestone in developing Rovio into an even stronger games-first entertainment company," said Kati Levoranta, CEO of Rovio.
Finland Branch of Carnegie Bank and Helsinki Branch of Danske Bank are acting as joint global coordinators, while London Branch of Deutsche Bank and OP Corporate Bank of Finland are acting as joint bookrunners in the contemplated IPO, said Rovio.
The company did not disclose the specific time for the listing and the estimated value of the company, which is speculated about 2 billion U.S. dollars by people familiar with the matter.
