Rovio eyes IPO in Hong Kong in 2013 (chinatechnews.com)

23 December 2011 19 h 20 min Comments Off

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Rovio, developer of the gaming application Angry Birds, reportedly plans to launch IPO in Hong Kong in 2013.

According to reports in Finnish publication Tekniikka & Talous, Peter Vesterbacka, chief marketing officer of Rovio, revealed that Rovio hopes to become a media company with market value similar with Disney, whose market value is about USD65.3 billion. Vesterbacka said in Asia there are growing markets, although he would not confirm the company’s plans for its seemingly inevitable IPO.

Unlike most mobile games, Angry Birds has been among the tops of the download list since it appeared in Apple’s App Store in 2009. Over the past two years, Angry Birds was downloaded 600 million times. Its operating revenue is expected to reach about USD100 million in 2011.

While planning additional five to six new games of the Angry Birds series for 2012, Rovio is engaged in expanding its recognition in traditional product sector, said Vesterbacka. The company has already launched themed toys and park, and it is considering making a movie about Angry Birds.

Rovio was founded by three students in 2003, including current chief executive officer Mikael Hed and current chief operating officer Niklas Hed. They set up the company after winning a game development competition sponsored by Nokia and HP. Rovio opened its first office outside Finland in Shanghai earlier this year. The company previously gained USD42 million investments from Accel Partners and Atomico Ventures.

Source: chinatechnews.com (23/12/2011)

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