An anonymous reader quotes CNET: Opera, an underdog in a browser market dominated by Google's Chrome, raised $115 million in an initial public offering Friday. The company sold 9.6 million American depositary shares at $12 each, the high end of the $10-to-$12 range it expected for the IPO. When the stock started trading more broadly at about 7:30 a.m. PT, it rose as high as 28 percent above that before settling in at a 10 percent rise, to $13.24, during midday trading.... In fact, Opera raised a big notch more, because at the same time as the IPO, it also secured a $60 million private funding round from Tospring Technology, also known as Bitmain, which makes Bitcoin mining computers, IDG Capital Fund and IDG Capital Investors. And the financial firms underwriting the IPO had an option to release another 15 percent of shares -- 1.44 million. "It gets us roughly up to $190 million," Chief Financial Officer Frode Jacobsen said.... In the first three months of 2018, Opera reported net income of $6.6 million on revenue of $39.4 million. The company makes money through partnerships with search engines, including Google and Yandex, that pay for search traffic it sends their way and through advertising deals like promoting websites on the browser's bookmarking, or speed dial, page. Opera has 264 million monthly active users on smartphones and 57 million on personal computers, Opera said in regulatory filings. Starting in 2017, it built an AI-powered news service into its browser and now offers it as a standalone app called Opera News. That has 90 million monthly users. The news app and service has been responsible for the turnaround in Opera's recent financial fortunes, Jacobsen said.
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