Nera Telecommunications (Nera), the Singapore-based subsidiary of Oslo and Nasdaq-listed Norwegian telecommunications firm Nera ASA, has floated nearly 50% of its stock in a listing on the Stock Exchange of Singapore main board.
The Singapore offering of 34.4 million vendor shares and 10 million new shares put an unusually large proportion of Nera’s stock in public hands, leaving only 47.3% held by the Nera Group.
Of the $25.5m raised, $5.4m will help fund expansion plans in Asia, particularly Nera’s operations in Thailand and Philippines. Managing director Samuel Ang predicted the regional economic recovery will provide opportunities for telecommunications and IT networking infrastructure development.
Nera provides telecoms and IT solutions, including satellite communications, microwave radio transmission and IT networking infrastructure as well and being involved in contract manufacturing for healthcare and telecoms products.
It has about 350 employees in Southeast Asia, and last year posted a net profit of $3.7m on sales of $66.9m. Telecoms accounted for 22% of revenues, while IT and contract manufacturing both contributed 39% each.
