Opera Software ASA plans a public listing on the Oslo Stock Exchange in March, the company said Monday.
The browser software company has gone through a period of tremendous growth over the past three years, Chief Financial Officer Christian Jebsen said Monday. “We have also been working towards a market that didn’t really exist until recently, but mobile Internet is about to happen. So we want to ensure we have the financial strength we need,” he said.
Employees currently own 60 percent of Opera and will retain a substantial ownership, he said. However, Jebsen said it would be the end of February before the company releases details of the percentage of the business to be offered, the price range and the timing of the initial public offering (IPO). The company hopes to raise between 75 million Norwegian kroner (US$10.8 million) and 150 million Norwegian kroner, he said.
That money would be ploughed into research and development, and into hiring new staff, he said. “When a technology company is in a growth phase like this, it’s good to have a cash pile,” he said.
The company saw a 108.7 percent rise in its revenue for the fourth quarter 2003, compared to the same quarter in 2002, it said. Opera reported revenue of 28.8 million Norwegian kroner compared to 13.8 million Norwegian kroner the previous year.
Opera’s joint managers for the IPO will be Enskilda Securities ASA and ABG Sundal Collier ASA, it said.