Norwegian based internet browser company, Opera filed for an initial public offering (IPO) on NASDAQ. They are seeking to raise about $115 million during the filing. The biggest investor contenders of the browser company include Bitmain, IDG Capital Fund, and IDG Capital Investors who have agreed to bid $50 million, $9.53 million, and $471,000, respectively.
The company plans to use a part of the funds from the IPO for research and development especially for an AI-driven content platform. It also will use the funds in distribution & marketing while pursuing strategic acquisition and development plans.
The Norwegian company includes the browser along with apps & games that come with it, Opera TV and a standalone news app. Opera currently works for its web browser for both mobile and desktop versions. In Android, Opera includes versions such as Opera, Opera Mini, and Opera Touch. In iOS, Opera Mini is the only available option.
Opera claims it has an estimated 321.7 million average monthly active users in the in the first quarter of 2018. In 2017, Opera generated $128.9 million in operating revenue leading to a net income of $6.1 million.
In 2016, Opera sold its browser business to a Chinese group of companies including the consumer products and the brand name which later changed to the name Otello, which serves as the advertising company. After the acquisition, Opera split into two.
One thing is for sure the browser market is highly competitive, and Opera is stepping itself into a challenge facing other major browser companies including Google, Apple, and Microsoft. One needs to wait and see how this decision made by Opera turns out. Will it be able to live up to the 115M that it is claiming for going public?