Opera begins IPO to raise money for growth plans

Opera Software began an Initial Public Offering (IPO) on the Oslo Stock Exchange Thursday as the Norwegian browser company attempts to raise the money needed for its push into the mobile market.

Opera aims to raise about 120 million Norwegian kroner (US$17 million), Rolf Assev, executive vice president of marketing and strategic alliances said Thursday. It will use this money to invest in engineering development as it ports Opera to new operating systems, he said.

"But mainly it's to have some money in the bank, so that we can be a more flexible company," he said. "We were profitable last year and hope to be so this year, so really the money will be a reserve for us," Assev said.

Speaking in early February when the IPO plans were announced, Chief Financial Officer Christian Jebsen said the company needed the financial strength to take advantage of the growing mobile Internet market.

This market is beginning to take off and Opera is well placed to take advantage of the opportunity, as its full browser software is small enough to be used, in full, on a mobile phone, Christen Krogh, vice president engineering, said Thursday. Although the company has not been able to gain a large market share on the desktop market, it sees great opportunities in the mobile area, he said.

Opera will issue between 12.5 million to 16.1 million new shares, and its founders and investors have decided to sell some 11.8 million existing shares, or 10 percent of their shares, Assev said. The price range is expected to be between eight and 10 Norwegian kroner, he said.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Gillian Law

IDG News Service

Comments

Comments are now closed.

Most Popular Reviews

Follow Us

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest News Articles

Resources

Best Deals on GoodGearGuide

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?