Rovio discontinues IPO due to oversubscription, confirms $1bn value

Angry Birds developer receives over 11,000 new shareholders, nets $35.4m for growth strategy

The Initial Public Offering for Rovio has been a success - so much so that it had to end the subscription period three days ahead of schedule.

A release to investors reveals the IPO was discontinued earlier this week due to oversubscription, with a later document confirming that it was oversubscribed multiple times.

The final price per share was €11.50, the maximum that Rovio had expected, making for a market capitalisation of roughly €896m. This values the company at $1.07bn, as the Angry Birds developer has previously hoped.

Over 11,000 new shareholders took a stake in Rovio during the public offering.

Following the offering, Rovio will receive €30m ($35.4m) which will be invested into its growth strategy.

"We are extremely happy and proud of the great interest towards Rovio's IPO, both by Finnish and international investors," said CEO Kati Levoranta. "I would like to thank all who participated in the IPO for their trust towards our company.

"Rovio is a global games-first entertainment company that is today bigger and stronger than ever. The mobile gaming market is expected to grow fast and we are well positioned to take an advantage of this growth. The listing is an important step in developing Rovio into an even stronger games-first entertainment company."

As previously reported, Rovio should be added to NASDAQ Helsinki's official list "on or around October 3rd".

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