Broadband provider NextGenTel AS has notified the market of a pending equity issue and a listing of the company’s shares on the Oslo Stock Exchange.
The Norwegian Internet service provider (ISP) is expected to carry out an equity issue that will provide it with approximately NOK150 million ($21.6 million). The transaction is made in conjunction with an application for listing of the company’s shares on the stock exchange. The subscription price will be set at between NOK25 ($3.60) and NOK40 ($5.77) per share.
NextGenTel is ranked as the second largest ISP in the Norwegian broadband market, with an 18% market share. It has a customer base of approximately 58,000 people, 89% of whom are residential customers, with the remaining 11% business clients. The latter contributed nearly 30% of revenue.
Since its foundation in 2000, the company has experienced considerable growth.
In 2002, it achieved NOK147.5 million ($21.2 million) in revenue. In the first nine months of the 2003 business year, revenue rose to NOK208.4 million ($30m).
NextGenTel has 130 employees in five Norwegian cities: Bergen, Oslo, Trondheim, Stavanger, and Kristiansand.
This article was based on material originally published by ComputerWire.