Monday, 03 August 2020

Bitmain-Backed Opera Raises $115 Million in IPO

The web browser company closed up around 10% in its first day of trading

Opera (OPRA), a browser built on the Blink layout engine and growing competitor of Google Chrome, went public on Friday after staging an IPO on the Nasdaq. With the public listing, Opera raised $115 million and shares of OPRA closed up nearly 10% in its first day of trading.

The Oslo-based company sold 9.6 million American depositary shares at $12/share, which was on the high end of the expected range of $10-to-$12 for the IPO. Shares of OPRA jumped to a session high of $15.53 before settling at $13.01.

While less well known, Opera is one of the longest-running browsers on the market, launching in 1994 as a research project at Norway’s largest telecommunication company, Telenor. It was spun off in 1995 and has been active ever since.

According to regulatory filings, Opera has 264 million monthly active users on smartphones and 57 million on desktops. The company reported net income of $6.6 million on revenue of $39.4 million in the first quarter of 2018.

Prior to its IPO, Opera raised $60 million via a private funding round led by notable ASIC mining hardware maker, Bitmain, with add-on investors including the IDG Capital Fund and IDG Capital Investors.

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