November 15, 2018 / 6:48 AM / a month ago

Ice Group to raise $354 mln in Norway stock market listing

OSLO, Nov 15 (Reuters) - Telecom firm Ice Group plans to raise about 3 billion Norwegian crowns ($354 million) in an initial public offering (IPO) on the Oslo Bourse to fund expansion of its mobile phone network, the company said on Thursday.

Currently listed only on Norway’s over-the-counter market, Ice says a full stock market listing should enable it to raise cash to compete with Telenor and Telia Co.

“In the past three years, Ice Group has grown its total smartphone market share in Norway from zero to 7.4 percent,” Chief Executive Eivind Helgaker said in a statement, adding the long-term goal was a market share of more than 25 percent.

“We believe our continued network build-out will further enhance our customer proposition, competitiveness and overall profitability,” Helgaker said.

The company reported a revenue of 1.23 billion crowns for the first nine months of 2018, an increase of 30 percent year-on-year.

$1 = 8.4841 Norwegian crowns Reporting by Terje Solsvik, Editing by Camilla Knudsen and Sherry Jacob-Phillips

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