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Rovio details plans for $36m IPO

CEO says share sale will be "an important milestone" for Angry Birds developer

Finnish mobile games giant Rovio has confirmed plans to publicly offer its shares through the Helsinki arm of NASDAQ.

The Angry Birds firm released a statement detailing its intentions, revealing that it is planning "a share issue of approximately €30m", which equates to $36m. Shares will also be sold by Trema International Holdings - currently the firm's largest shareholder - and "certain other shareholders".

This confirms ongoing reports that Rovio would consider an IPO, something the studio said was a possibility back in June. Last month, the rumours strengthened with suggestions that the IPO could raise $400m, valuing the company at $2bn.

The aim of the IPO is to enable Rovio to continue its growth, give it access to capital markets and "broaden its ownership base", as well as build on the company's brand awareness.

Throughout the statement Rovio refers to itself as a games-first entertainment company, although it also draws attention to the success of last year's film The Angry Birds Movie and its ongoing merchandise business.

Rovio also notes that, as of June 2017, its games have been downloaded more than 3.7bn times, with an average monthly active userbase of 80m during the second quarter of this year.

CEO Kati Levoranta reiterated that the studio's most recent releases - Angry Birds Evolution, Battle Bay and Angry Birds Match - have also outperformed all previously launched titles in select key performance indicators, giving Rovio cause to be optimistic about the IPO. Last month, Rovio revealed these releases had helped double its quarterly earnings year-on-year.

"Today, Rovio is stronger than ever and is well positioned in the fast growing mobile gaming market with our diversified games portfolio, proven game development talent and operational excellence as well as our large existing user base.  I am confident in our games-first strategy," said Levoranta.

"The contemplated IPO and listing are an important milestone in developing Rovio into an even stronger games-first entertainment company."

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