Angry Bird maker plans Hong Kong IPO

Company exec says Asian market where "people and money" are, but has not made concrete plans of when Hong Kong initial public offering will happen, according to reports.

Rovio, maker of the popular Angry Birds game, has plans to go public in Hong Kong and wants to grow to become a media company as big as Walt Disney, according to reports.

"In Asia, there are growing markets--the people and the money," Peter Vesterbacka, the company's chief marketing officer, told Reuters. Finnish weekly Tekniikka&Talous previously reported that 2013 was the year Rovio planned to sell its stock on the Hong Kong stock market, but Vesterbacka told Reuters that no decision had been made about when it would IPO (initial public offering), said the report.

A news article in October said Rovio was planning for an IPO next year, but did not identify which stock market it was targeting.

Besides Hong Kong, Rovio was reportedly looking to go public in the New York stock exchange. According to Reuters, its CEO Mikael Hed  in May told the newswire that it planned to list itself in the U.S. stock market in two to three years' time, as it was a "key market for technology startups due to its dedicated investors".

The Finnish company also has ambitions to grow into an entertainment media company as large as Walk Disney which currently has a value of US$65.3 billion, said Reuters, which was citing the Tekniikka&Talous report. Vesterbacka told the Finnish weekly that "there is no reason why we should not be able to build a company of that size", and that Rovio's revenues would be around US$100 million this year, a jump compared with US$10 million a year before, reported Reuters.

In the October report, Vesterbacka told Bloomberg Television that merchandise made up for 10 to 20 percent of its business, and that advertising and in-game purchases also contributed to the company's revenues.


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