Venture-backed broadband company NextGenTel is to list on the Oslo Stock Exchange in an equity issue that it hopes will raise NOK150m. The subscription price will be set within the range of NOK25 to NOK40 per share.
The company secured a $6m round of venture backing last year. Vital Forsikring led it and Geocapital Partners and Northzone Ventures, Vikerud Venture, Atlantis Vest, Vesta Forsikring, Vesta Liv and Skandia Fondsforvaltning also participated. These firms will dilute their shareholding following a successful listing.
Olav Stokke, NextGenTel’s CEO, said: “This capital expansion will secure further growth for the company.” Stokke has been at the helm of the company since it was established in March 2000. Since its inception the business has experienced significant growth and has managed to achieve an 18% share of the total broadband market.
NextGenTel’s Broadband solution is based upon ASDL and SHDSL technologies (xDSL). XDSL is the fastest growing broadband solution in Norway and Europe. NextGenTel has around 21% of the xDSL market in Norway. In 2002 the company achieved turnover of NOK147.5m and for the first nine months of this year turnover was NOK208.4m.