Join gaming leaders online at GamesBeat Summit Next this upcoming November 9-10. Learn more about what comes next.
Rovio Entertainment’s stock began trading today just slightly above its IPO offering price which was set well below the top of the range the company had been considering.
Rovio had announced recently that it was exploring pricing the shares between $10.23 per share and $13.72 per share. It was looking for a number that would allow it to raise $36 million from investors while issuing the fewest possible shares.
The final price ended up being $11.50 per share, valuing the company at $1.1 billion. By late morning, the stock was trading at $12.17 per share.
The biggest winner today is Kaj Hed, the company’s former chairman and owner of reportedly 69 percent of the company via his investment vehicle, Trema International Holdings, prior to the IPO. Rovio had said that Trema would sell 18.36 million shares, into the IPO. After the IPO, Trema will still hold 36.6 percent of the company’s stock.
Three top investment pros open up about what it takes to get your video game funded.
Rovio has said it plans to use the money to expand its mobile gaming business and make acquisitions. The IPO comes after a strong turnaround this past year for Rovio following a couple of years of declining revenue and layoffs.
GamesBeatGamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. How will you do that? Membership includes access to:
- Newsletters, such as DeanBeat
- The wonderful, educational, and fun speakers at our events
- Networking opportunities
- Special members-only interviews, chats, and "open office" events with GamesBeat staff
- Chatting with community members, GamesBeat staff, and other guests in our Discord
- And maybe even a fun prize or two
- Introductions to like-minded parties