OpenTV Corp. Zooms on Nasdaq, Amsterdam Exchanges
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Set-top box software developer OpenTV Corp. Tuesday exploded onto the Nasdaq and Amsterdam exchanges.
The company, which is 70 percent-held by Amsterdam-based interactive media company MIH Limited (MIHL), set the offering price at $20 per share. The stock spiked to 60 in mid-morning trading on the Nasdaq, an increase of 200 percent.
OpenTV (OPTV) placed 7.5 million shares in the IPO, and took in a pre-adjustment total of $150 million.
The company fared even better on the Amsterdam Stock Exchange (AEX), tripling in value this morning and closing at $55, according to Bloomberg.
MIH Limited bases its revenue on cable TV and Internet services. The company also operates in Africa, the Middle East, and Asia. Additional OpenTV investors include America Online (AOL), News Corp. (NWS), Time Warner (TWX) and Sun Microsystems (SUNW).
OpenTV set-top box software runs more than 4.3 million digital set-top boxes worldwide. Its solution was deployed by British Sky Broadcasting (BSkyB) and France's TPS, among other TV companies, and by next year EchoStar's DISH Network is expected to launch interactive services based on the OpenTV software.