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Angry Birds studio head claims $1.2B valuation too low, 'maybe' going public next year
Angry Birds is way, way popular -- sure -- but it is so popular as to elevate its progenitor's valuation beyond that of its already sky-high $1.2 billion estimate? CEO Peter Vesterbacka seems to think so, telling Bloomberg, "We're happy with our valuation but we think it's probably a bit north of that," referring to the aforementioned insanely high number. Beyond astronomical sales of the hit fowl flinger, Vesterbacka's company has been pulling in additional revenue from merchandising. Millions of dollars every month, in fact, via the company's website -- apparently just the stuffed toys are selling "a million units a month," which doesn't account for Halloween costumes, movie licensing, clothing, and various other tchochkes. "We are very, very profitable. We're not a publicly traded company yet we can fund our own growth," Vesterbacka boasts in the interview, all the while attempting to bolster his company's value when it does go public. He doesn't offer an exact date, but says, "maybe a year from now" Rovio will be making its public stock offer. When we last asked market analysts back in March how Rovio would fare an IPO, we were answered with reservation. And despite another seven months of earnings under the company's belt, we'd wager Vesterbacka's valuation estimates are a bit more lofty than the reality of things. But hey, we're not running any multimillion dollar corporations.
