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Angry Birds maker Rovio IPO valued at $1 billion

Rovio shares were trading at 12.11 euros, up 5.3% from the final price of 11.50 euros in IPO

Reuters  |  Helsinki 

Angry Birds maker Rovio's shares in high-flying debut

"Angry Birds" maker Entertainment's shares got off to a flying start on the Finnish firm's market debut.

shares were trading at 12.11 euros by 0814 GMT on Friday, up 5.3% from the final price of 11.50 euros in initial public offering (IPO) in Helsinki.

"There seems to be initial demand for it. But given that the was multiple times oversubscribed, the reaction is not too dramatic," analyst Atte Riikola at research firm Inderes said.

Rovio's market valuation of 950 million euros ($1.12 billion), looked high based on Rovio's historical profit, Riikola added.

"Profit growth is priced in, so they need to keep up the good performance which they had in the first half of the year."

($1 = 0.8475 euros)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 29 2017. 14:40 IST