Angry Birds maker Rovio plans to raise $36M in IPO

“The Angry Birds Movie 2” is expected to come out in 2019.

Rovio Animation

Rovio, the maker of Angry Birds, said Tuesday it’s planning for an initial public offering to raise about $36 million so it can keep up its growth and develop new games.

The Finland-based company, which was founded in 2003, became well-known for its Angry Birds mobile games, and even expanded into a movie franchise. It plans to list its shares on the Nasdaq Helsinki stock exchange. Shareholders are hoping the company will be valued above $2 billion, The Wall Street Journal reported.

Rovio’s games were downloaded more than 3.7 billion times as of the end of June this year and they have an average of 80 million active monthly users, the company said Tuesday.

Thanks in part to “The Angry Birds Movie,” which came out last year, the company has been able to bounce back from weaker sales and staff cuts. 

Before then, Rovio was slow to respond to a new model in mobile games that let people play for free but offered in-game purchases. That model was a huge success for rival Supercell’s “Clash of Clans” and King’s “Candy Crush Saga.”

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