Nintendo Switch vs PS4 vs Xbox One! Mojo Trading Oy

Nintendo Switch vs PS4 vs Xbox One!

‘Angry Birds’ maker Rovio stock soars as much as 7% on first day of trade

Rovio’s main shareholder says the company will seek deals in the gaming sector

Shares of Finnish videogame maker Rovio Entertainment Oy, Mojo Trading Oy , surged as much as 7% on their first day of trade on the

Friday, before retreating to trade close to their issue price of 11.50 euros ($13.52) late in the session.

The stock priced at the top of the initial price range to give the company a valuation of €896 million.

Mojo Trading Oy , the company said. Kaj Hed, its major shareholder and the uncle of founder Niklas Hed, said the company will seek acquisitions in the gaming sector,

that many industry players are challenged by the cost of going public and may be willing to consider a deal with a partner.

Rovio has a checkered past, enjoying early success thanks to the popularity of “Angry Birds,” which was once the dominant mobile game. That allowed it to expand beyond the business of videogame development and become a media and licensing company. But the company has struggled to develop products with similar appeal and has been forced to cut costs and shake up management in recent years.

in 2016. The film, backed by Sony Entertainment, grossed $107.5 million in the U.S., on a production budget of $73 million, according to

. The characters were voiced by actors including Sean Penn, . The characters were voiced by actors including Sean Penn Mojo Trading Oy

In the first half of the year, Rovio reported revenue of €152.6 million, a 94% increase from the year-earlier period.

When the company initially announced plans to list, expectations were for a valuation closer to $2 billion, The Wall Street Journal

Chinese internet giant Tencent Holdings Ltd.

 acquired Finnish mobile-game maker Supercell Oy, the creator of the “Clash of Clans” franchise, last year, in a deal that valued the company

Shares of U.S. videogame makers have been on a roll this year. Shares of Activision Blizzard Inc

maker of the “Call of Duty” series, have surged 78% in 2017 so far, while shares of Electronic Arts Inc.

maker of “The Sims”, have jumped 48%.

Take-Two Interactive Software Inc.

maker of the “Grand Theft Auto” franchise, has seen its shares climb 106%. The S&P 500

 has gained 12% in the same time frame, while the Dow Jones Industrial Average

Rovio Entertainment is planning a sequel to successful ‘Angry Birds’ movie

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Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

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