The company is looking to raise €30 million in the offering, with majority shareholder Trema International and other backers selling shares. Trema is the investment vehicle owned by Kaj Hed, uncle of Rovio founder Niklas Hed. Early VC backers of the business include Felicis Ventures and Atomico.
The listing would put Rovio's valuation at around $1 billion, well short of reports last month which suggested the company could achieve a market cap of around $2 billion. But it would continue a strong trend for unicorns listing in 2017, with seven doing so already this year. Rovio's flotation would mark just the second for a VC-backed unicorn this year from Europe, following Berlin-based Delivery Hero's listing in June.
VC-backed unicorn IPOs in 2017
Yet it might be too early to worry about the lack of opportunities for unicorn IPOs in Europe, and instead look at respective performances. Of the unicorn IPOs so far this year, only two are above the share price from their Day One close—namely Okta and Delivery Hero. By contrast, the other five have on average lost more than a quarter of their value since their first day public, with the big losers— Snap and Blue Apron—seeing their market caps almost cut in half, as of 14 September: