Angry Birds maker Rovio eyeing 2013 IPO
updated 08:15 pm EDT, Mon May 7, 2012
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Rovio Entertainment, fresh off of announcing phenomenal sales for the latest installment of its Angry Birds series, is reportedly looking to go public. The Finnish video game developer is in the process of preparing for an initial public offering in 2013, Reuters reports. Analysts peg the value of the company at up to $9 billion.
Founded in 2003, Rovio's fortunes greatly improved with the release of Angry Birds for the iPhone. The bird-slingshotting physics simulator series has gone on since then to be downloaded more than 800 million times, and had 200 million monthly users at the end of 2011. In addition to the games, Rovio has been aggressively licensing its brand, and the Angry Birds characters now appear on toys and playgrounds, with an animated movie coming soon.
For 2011, Rovio reported $48 million in profit before tax, with a 64 percent margin. The company has moved to bring its most popular game to just about every platform it can -- except Windows Phone 7 --and recently released the series for the BlackBerry PlayBook.
