Web browser developer Opera Ltd’s shares rose as much as 25 pct in their U.S. market debut on Friday, giving the company a market value of about $1.65 billion.
The company’s shares opened at $14.34, about 20 per cent above its initial public offering price of $12 per American depositary shares.
Opera, founded in 1995, was originally owned by Norwegian software firm Otello Corp ASA before being bought by a consortium of Chinese investors in 2016. It competes with companies such as Alphabet, Apple and Microsoft.
The company reportedly has about 322 million monthly active users. Furthermore, Opera said its mobile browsers are mostly used in Asia and Africa, while its PC browsers are preferred in North America and Europe.