LONDON Shares in Norwegian mobile Linux software specialist Trolltech rose by nearly 10 percent on the Oslo stock exchange as the company completed its IPO, which was nearly two times oversubscribed.
The share price on Wednesday (July 5) rose to 17.5 Norwegian crown each from the 16 crowns offering price, valuing the company at Norwegian Crowns 898 million ($144.3 million).
The company supplies its Qt software development platform and Qtopia embedded Linux software to developers of mobile phones, set-top boxes and other devices.
About 65 percent of the demand for the 7.5 million shares offered came from local, predominantly institutional investors. The IPO increased the number of shareholders to over 300.
The Oslo-based company’s software allows developers to create applications for mobile phones that run on Microsoft Windows, Apple Macintosh OS X and the Linux or Unix operating systems. It has around 4,500 customers worldwide.
Many believe open source platforms such as Trolltech’s will play an increasingly important role in mobile phones and handheld devices, and take market share away from operating systems such as those from Symbian and Microsoft’s Windows Mobile.
Last month, handset makers Motorola, NEC, Samsung Electronics and Panasonic joined with telecom operators NTT Docomo and Vodafone in a bid to create a reference implementation, built around a consistent set of Linux application programming interfaces, for use by manufacturers and tool developers. The aim is to foster a true developer community around mobile applications for Linux and to bring chip set makers, tool suppliers and other OEMs and operators on board.
“This is an important milestone in Trolltech’s history and strengthens our position as a leading provider of software development infrastructure for cross platform applications, embedded Linux mobile phones and embedded computing devices,” commented Haavard Nord, co-CEO of Trolltech.