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Angry Birds is targeting a $1 billion IPO

Posted 6:06 a.m. Friday

Angry Birds is flying toward a $1 billion valuation.

Rovio Entertainment, the Finnish maker of Angry Birds, is targeting an IPO that would give it a market value of -802 million ($956 million) to -896 million ($1.1 billion).

The stock is expected to start trading on the Nasdaq Helsinki on September 29.

Rovio said it would price shares between -10.25 ($12.20) and -11.50 ($12.30). It hopes the listing will raise roughly -30 million ($36 million).

Trema International, the firm's largest current shareholder, will reduce its stake from 69% to under 37% as part of the offering.

Related: Nintendo's mini-sized classic console is coming back

Rovio has built an empire around its popular mobile game Angry Birds, including toys, clothes and an animated 3-D movie.

The gaming app, which was released in 2009, allows players to sling virtual birds at enemy pigs to save their eggs.

The Angry Birds Movie grossed nearly $350 million in ticket sales worldwide, according to box office tracker Box Office Mojo. The company is planning a sequel for 2019.

The film helped Rovio bounce back from a low point. As recently as in 2015, it was struggling to change its business model amid fierce competition. It laid off 39% of its staff and got a new CEO.

But revenue soared 94% over last year during the second quarter due to the movie and a strong performance from its games.

Angry Birds games have been downloaded over 3.7 billion times.

-- Kaya Yurieff contributed reporting.

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