COPENHAGEN (dpa-AFX) - Rovio Entertainment Corp., the Finnish maker of the 'Angry Birds' mobile game, said its initial public offering will value it at around $1 billion.
The Espoo, Finland-based company said on Friday that it has set the preliminary price range for its planned IPO at 10.25 euros to 11.50 euros per share, giving the company a market value of between 802 million euros and 896 million euros, or $960.2 million to $1.07 billion.
The market capitalization is assuming that the company raises gross proceeds of about 30 million euros through the offering.
Rovio plans to list its shares on the official list of Nasdaq Helsinki Ltd. The subscription period for the offering is expected to commence on September 18, 2017 and end on September 26, 2017.
The company said it expects to start trading on the pre-list of Nasdaq Helsinki or about September 29 and on the official list on or about October 3 under the trading code 'ROVIO.'
Rovio noted that the objective of the IPO is to enable the company to pursue its growth strategy and improve strategic flexibility. The listing would also allow it to obtain access to capital markets and broaden its ownership base.
Rovio's major shareholder, Trema International Holdings B.V., and certain other existing shareholders will offer for purchase initially a maximum of 34.32 million existing shares in the company. Trema will retain a 36.6 percent ownership in Rovio after the offering.
The offering consists of a public offering to private individuals and entities in Finland, Sweden and Denmark, in addition to private placements to institutional investors in Finland and internationally.
Rovio CEO Kati Levoranta said, 'Angry Birds branded consumer products are already sold in some 120 countries and the first Angry Birds Movie, released in 2016, was an international box-office success. The listing is an important step in developing Rovio into an even stronger games-first entertainment company.'
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