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Rovio Entertainment Oy, the Finnish company behind the "Angry Birds" mobile game and film franchise, plans to list shares on the stock market-a litmus test for an industry known for its erratic performance.

Shareholders hope the initial public offering in Helsinki will value Rovio at a premium to rivals and give it a price tag of about €2 billion, or roughly $2.38 billion, people familiar with the matter said.

The company said Monday that its planned IPO would involve a share issue of €30 million, as well as the sale of existing shares by majority owner Kaj Hed, the uncle of Rovio co-founder Niklas Hed, and other shareholders.

Mr. Hed, who owns about 70% of Rovio, intends to remain majority shareholder after the IPO, the people familiar with the matter said. In 2011, when "Angry Birds" mobile games were among the most popular world-wide, Rovio envisioned listing its shares on theNasdaq Stock Market in New York. This time, the elder Mr. Hed has opted for Nasdaq's affiliate in Finland because he is eager to keep the company rooted in the Nordics, one of the people said.

On Target

Rovio revenue from licensing has shot up while games revenue, including Angry Birds, is growing moreslowly.

Rovio didn't respond to a request for comment.

Rovio, which is structured around mobile-game and brand-licensing units, said the planned listing would enable the company to pursue its growth strategy, including through acquisitions, and gain more flexibility to remunerate its employees.

Mobile games have become a full-fledged industry in the past decade, accounting for about one-third of the larger videogame sector-which generated roughly $100 billion in revenue last year.

Tech giants have been eager to take control of money-spinners capable of producing hit titles with hundreds of millions of regular users. Tencent Holdings Ltd.'s deal last year for Supercell Oy valued the Finnish mobile-game maker and its staff of about 200 at more than $10 billion.

But fickle players have caused some hit mobile games to collapse in the charts, making their publishers a hard sell to individual investors.

When Activision Blizzard Inc. bought King Digital Entertainment PLC last year, the maker of Candy Crush was straining to repeat the success of its blockbuster series, and the $18-a-share offer was well below the company's IPO price of $22.50.

Rovio itself has been on a roller coaster in recent years, going through several cost-cutting rounds and management changes.

The company could have a steadier trajectory on the stock market because it has diversified revenue streams thanks to the film franchise, analysts said. The company has also made good progress in harnessing new formats that allow players to download games free and buy virtual goods that help them advance to new skill levels, they said.

"In addition to leveraging the success of the Angry Birds movie and related merchandise and games sales, Rovio has also invested heavily in improving the monetization of its content through paid services and also advertising," said Jack Kent, an analyst with theIHS Markit consultancy.

In the first six months of the year, the company has said its revenue shot up 94% to €152.6 million. Earnings before interest, taxes, depreciation and amortization rose to €39.9 million from €11 million a year earlier.

Founded in Espoo, near Helsinki, in 2003, Rovio surged in 2009 with the launch of "Angry Birds." By 2011, the game was widespread.

But then the industry shifted. Rovio used to charge people a dollar or two to download each game, but competitors shifted to the "freemium" model, in which the games are free to play but upgrades cost money.