Angry Birds maker eyes 2013 Hong Kong IPO -report

by **hlk** Fri 16 Dec 2011, 13:42

HELSINKI (Dec 16): Finnish gaming firm Rovio, creator of "Angry
Birds," the world's most popular computer game, is planning an initial
public offering on the Hong Kong stock exchange in 2013, Finnish weekly
Tekniikka&Talous reported on Friday.

Rovio's marketing chief Peter Vesterbacka told the paper the aim is
to build the company into a media firm which would have a market
capitalisation similar to that of Walt Disney Co, whose shares are
valued at $65.3 billion.

"That is the target. There is no reason why we should not be able to
build a company of that size," Vesterbacka was quoted as saying, adding
Rovio's 2011 revenues would be around $100 million, compared with $10
million a year before.

In May Rovio Chief Executive Mikael Hed told Reuters the firm was
aiming for a stock market listing in New York in 2-3 years time.

Unlike most mobile game crazes, Angry Birds, in which players use a
slingshot to attack pigs who steal the birds' eggs, has stayed atop the
charts since it was launched for Apple's iPhone in 2009.

It has reached a record 600 million downloads in two years, compared
with rival Electronic Arts' hit game Tetris which reached 100 million
mobile downloads last year.

Rovio has unveiled two more Angry Birds games and Vesterbacka told
the paper in 2012 the firm would launch 5-6 more games with the same
characters.

Rovio is also expanding the brand across traditional merchandising to
items such as toys and playgrounds, and is taking the birds to the big
screen.

Vesterbacka told the weekly the first full-motion animated movie
featuring the characters was still 2-3 years away as film-making is a
long process.

Earlier this year, Rovio raised $42 million from venture capital
firms including Accel Partners, which previously backed Facebook and
Baidu, and Skype founder Niklas Zennstroem's venture capital firm
Atomico Ventures.

Rovio was founded in 2003 after three students including Niklas Hed
-- CEO Mikael Hed's cousin and now Rovio's COO -- won a game-development
competition sponsored by Finnish mobile phone maker Nokia Oyj and
Hewlett-Packard CO. - Reuters