Capping what appears to be a remarkable turnaround, Finland’s Rovio announced today it has filed for an initial public offering of stock to expand its mobile gaming business and make acquisitions.
The company will issue $36 million worth of new stock. In addition, some current shareholders will be allowed to sell stock in the offering to allow them to recoup some of their investment.
The financial disclosure form released by Rovio today indicates that the company saw revenues almost double the first six months of 2017 compared to the same period in 2016. It also notes that in 2016, revenue jumped more than 30 percent over 2015.
Thanks to the worldwide sensation of “Angry Birds,” Rovio had become one of the hottest gaming properties on the planet. But the ability to milk that hit seemed to hit a wall in 2014. In December of that year, the company fired 110 employees and closed one of its game development studios to stem the bleeding.
The company took a chance on developing its own animated movie based on Angry Birds, which proved to be a success. In Rovio’s “brand licensing category,” that helped revenue about triple to $41 million in the first six months of 2017. But gaming revenue also doubled to $139 million in those six months, boosted by the games Battle Bay and Angry Birds Evolution.