The pricing of its shares equates to a market capitalization of 896 million euros, or about $1 billion, when Rovio begins initial trading on Nasdaq Helsinki on Friday. That is below the $2 billion valuation that some had estimated the company could receive earlier this summer.
“We are extremely happy and proud of the great interest toward Rovio’s I.P.O., both by Finnish and international investors,” Kati Levoranta, the Rovio chief executive, said in a news release. “I would like to thank all who participated in the I.P.O. for their trust toward our company.”
Rovio said it would receive about 30 million euros in gross proceeds from the sale of new shares. Existing shareholders, including the investment vehicle of its vice chairman, Kaj Hed, are expected to pocket 458 million euros from the sale of their shares.
The company has said that the aim of the initial public offering was to help it carry out a growth strategy, and that it would use its shares for possible acquisitions and rewards to its employees.
The public offering marks the latest step in a tumultuous journey for Rovio.
Mikael Hed, a co-founder, stepped down as its chief executive in 2014, and the company announced plans to cut nearly 40 percent of its work force the next year.
Mr. Hed is still executive chairman of Rovio Animation, which helped bring “The Angry Birds Movie” to the big screen last year.
Rovio returned to a profit in 2016 and reported revenue of 191.7 million euros last year.
Its games business, which includes the original Angry Birds and more than a dozen spinoff titles, accounted for 79 percent of its revenue in the 12 months through June.
Source: New York Times – Technology