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Angry Birds maker Rovio sees a small pop of 6% to €12.20 in its trading debut

Angry Birds maker Rovio sees a small pop of 6% to €12.20 in its trading debut
From TechCrunch - September 29, 2017

Rovio, maker of the Angry Birds gaming franchise, saw a small pop of 6 percent in its first day of trading as a public company. After pricing its IPO at 11.50 per sharethe top of its rangeyesterday, today the stock opened on the Nasdaq Nordic exchange at 12.20, and at the current price of 12.23, the company has a market cap of $1.1 billion (952 million).

Rovio (trading as ROVIO) saw a little rally early on, going as high as 12.32/share. It will be interesting to see how and if these numbers change as London and then the East Coast of the U.S. wake up. Rovios 37,073,010 IPO shares wereoffered to private individuals and entities in Finland, Sweden and Denmark and in private placements to institutional investors in Finland and internationally

Rovio itself counts the U.S. market as one of its very biggestthe company said that most of its revenue comes from North America and Europeand it also has a high profile there.But unlike Spotify, another company based out of the north of Europe that counts the U.S. as a key area for current business and future growth, Rovio chose to list closer to home.

Rovio once had designs to become the next Disney. But the fortunes of gaming companies rise and fall with the popularity of their titles, and that has impacted that lofty goal. (Indeed, you could argue that this has been a sticking point for some other gaming companies that have gone public in recent years, such as Kingwhich eventually sold to Activision Blizzardand Zynga. Their economics do not necessarily follow those expected of public companies.)

Rovio has had a number of strong follow ups to the original Angry Birdsit had three mobile in Apples top 100 highest grossing apps over the summer, for Angry Birds Blast, Angry Birds Evolution and Angry Birds 2but no new brand so far has quite broken through as a blockbuster in quite the way as the original Angry Birds did.

Subsequently, Rovio has since pulled back many of its most ambitious projects outside of games (such as amusement parks) in favor of a licensing model, where a third party takes on the investment and risk of new projects outside of games.

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