Based in Finland mobile games maker Rovio Entertainment Oy set a price range for its planned listing that would value the maker of "Angry Birds" at up to $1.1 billion, Forbes reports.
According to Rovio the initial price range for its Helsinki public offering would stand at €10.25 to €11.50 per share, which is equivalent to $12.24 to $13.73 per share.
This estimation turns out to be well below potential values cited in media reports which had said the company could be valued at up to $2 billion in the flotation, though analysts had already questioned whether that could really be achieved.
"If it had been as rumored, it would have been way too high. Looking at sales, the valuation pits Rovio at the same level as it peers, but includes profit growth expectations,” said analyst Atte Riikola from Helsinki-based equity research firm Inderes.
"Angry Birds" game was launched in 2009 and has been downloaded 3.7 billion times.
Rovio Entertainment Oy announced it’s planning an initial public offering last month. The company is seeking to raise some $400 million.
The company reported 190 million euros in revenues 2016, that is almost 34% of revenue growth. Earnings before interests and taxes amounted to €17,5 million, which is quite impressive after recent years' losses.
The studio’s recovery and growth was fuelled by the Angry Birds Movie, that boosted game revenues and made about $350 million in worldwide box-office sales.