HELSINKI: Rovio, the maker of hit mobile game “Angry Birds,” will look to buy up other players in the gaming industry following its listing on Friday, its main owner Kaj Hed said.
The Finnish company’s shares got off to a flying start on their stock market debut, trading up as much as 7 percent from their initial public offering price (IPO) of €11.50.
Hed, who cut his stake from 69 percent to 37 percent in the IPO, said Rovio now had more muscle to do deals in a gaming sector he believes is ripe for consolidation.
“We have a clear will to be a consolidator, and we are in a very good position to do that,” he told Reuters at Rovio’s headquarters by the Baltic Sea.
“Many good (gaming industry) players face the question of whether they should go public, or whether they should consolidate. Going public is expensive and requires hard work, so finding a partner could be easier.”
Analysts have long urged Rovio to do more to reduce its reliance on the “Angry Birds” franchise.
Hed, the uncle of Rovio’s co-founder Niklas Hed, said he remained strongly committed to the company.
“The reason that I sold shares was to give the company the liquidity, because that is very important. My intention is to remain as a long-term investor in the company.”
Rovio saw rapid growth after the 2009 launch of the original “Angry Birds” game, but it plunged to an operating loss and cut a third of its staff in 2015 due to a pick up in competition and a shift among consumers to freely available games.
But the 2016 release of 3D Hollywood movie “Angry Birds”, together with new games, have revived the brand and helped sales recover.
In the first half of this year, Rovio’s sales almost doubled from a year earlier to €153 million, while core profit increased to €42 million from €11 million.
Rovio’s market valuation of around €950 million, looks high based on Rovio’s historical profit, said Atte Riikola, an analyst at research firm Inderes.
“There seems to be initial demand for (the stock). But given that the IPO was multiple times oversubscribed, the share price reaction is not too dramatic,” he 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.”
At 1135 GMT, Rovio shares were trading at €11.77, off a high of €12.34.
‘Angry Birds’ maker looks to swoop on rivals after high-flying IPO
‘Angry Birds’ maker looks to swoop on rivals after high-flying IPO
BYD Americas CEO hails Middle East as ‘homeland for innovation’
- In an interview on the sidelines of Davos, Stella Li highlighted the region’s openness to new technologies and opportunities for growth
DAVOS: BYD Americas CEO Stella Li described the Middle East as a “homeland for innovation” during an interview with Arab News on the sidelines of the World Economic Forum.
The executive of the Chinese electric vehicle giant highlighted the region’s openness to new technologies and opportunities for growth.
“The people (are) very open. And then from the government, from everybody there, they are open to enjoy the technology,” she said.
BYD has accelerated its expansion of battery electric vehicles and plug-in hybrids across the Middle East and North Africa region, with a strong focus on Gulf Cooperation Council countries like the UAE and Saudi Arabia.
GCC EV markets, led by the UAE and Saudi Arabia, rank among the world’s fastest-growing. Saudi Arabia’s Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand Ceer, and supporting charging infrastructure development.
However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges.
In summer 2025, BYD announced it was aiming to triple its Saudi footprint following Tesla’s entry, targeting 5,000 EV sales and 10 showrooms by late 2026.
“We commit a lot of investment there (in the region),” Li noted, adding that the company is building a robust dealer network and introducing cutting-edge technology.
Discussing growth plans, she envisioned Saudi Arabia and the wider Middle East as a potential “dreamland” for innovation — what she described as a regional “Silicon Valley.”
Talking about the EV ambitions of the Saudi government, she said: “If they set up (a) target, they will make (it) happen. Then they need a technology company like us to support their … 2030 Vision.”
