Angry Birds maker Rovio values company at $1 billion

Finnish mobile games and animation studio Rovio Entertainment Ltd on Friday set the initial price range for its planned IPO which would value the company at around 1 billion dollars.

The preliminary price range of 10.25-11.50 euros per share would give Rovio a market value of between 802 million euros and 896 million euros ($955.34 million - $1.07 billion).

Rovio’s main owner, Trema International, which is owned by Kaj Hed, the uncle of company co-founder Niklas Hed, is expected to keep a 36.6 per cent stake after the listing.

Trema currently owns 69 per cent of Rovio’s shares.

Rovio said it expects to start trading on Helsinki bourse’s pre-list on September 29 and on the main list on October 3.