Accel-backed Rovio sets IPO pricing

Rovio, the Finnish mobile game developer behind Angry Birds, announced on 28 September that it was intending to list on the Helsinki Stock Exchange.

Majority owners in the firm are Trema International and venture capital firms Accel and Atomico Ventures. Trema currently holds 68.78% of the shares while Atomico Invest II owns around 9.95%, according to a statement by Rovio.

The market cap would stand at up to €896m.

Due to oversubscription, the public offering was discontinued on 25 September after the subscription period opened on 18 September. Rovio will issue 2,608,696 new shares, and current shareholders will sell 34,314,389 existing shares.

The company intends to start trading shares on Nasdaq Helsinki around 3 October.

Carnegie Investment Bank, and Danske Bank acted as joint global coordinators and joint bookrunners for the offering. Deutsche Bank and OP Corporate Bank acted as joint bookrunners. Roschierand Freshfields Bruckhaus Deringer acted as the legal advisers to the company in the listing. White & Case was mandated by the managers.

Previous funding
In March 2011, a consortium consisting of Accel, Atomico and Felicis Ventures invested €30.4m in Rovio. The funding round was co-led by Accel and Atomico. The fresh capital was intended to support international growth, an expansion across platforms, and an increase in merchandising, media production and partnerships.

Company
Espoo-based Rovio was founded in 2003 and develops games for various mobile platforms. Angry Birds is the developer's bestselling product and the company has expanded to produce merchandise such as plush toys.

In H1 2017, the company posted sales of €153m with a core profit of €42m, increasing from €11m a year earlier.

People
Atomico Ventures – Niklas Zennström (co-founder).

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