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Browser maker Opera Software ASA is moving ahead with its initial public offering, announcing on Thursday that it expects to begin trading shares in the Norway-based company on March 11 on the Oslo Stock Exchange.
Operas board of directors decided to issue between 15 million and 16.1 million shares in the company. With a planned offering price between 8 and 10 Norwegian kroner a share, Opera hopes to raise between 120 million and 161 million kroner, which translates to between about $17 million and $22.8 million.
The company, which announced IPO plans earlier this month, has said it is going public to raise money for growth as it competes with software giant Microsoft Corp. in the Web browser market and increasingly signs deals to put its mobile browser on mobile phones and devices.
Operas Web browser is the third most popular browser with a 0.8 percent market share, behind Internet Explorer (94.8 percent) and the open-source Mozilla browser (1.8 percent), according to data from Web analytics vendor OneStat.com.
Opera plans to offer shares in two groups—one for Norwegian and international investors and another for Norwegian retail investors, the company said.
Opera will trade its shares under the ticker symbol “OPERA.” Opera has retained Enskilda Securities ASA and ABG Sundal Collier ASA, both of Oslo, Norway, as advisers for the offering.