Scandinavia Online (SOL) and its bankers Goldman Sachs and Morgan Stanley Dean Witter are to exercise their greenshoe option to sell more shares in the internet company, following the success of its initial public offering earlier this month.

The operator of web portals in the Nordic region raised $101m (€107m) in an initial offer in early June, that was five times subscribed. The release of a further 1.14m ordinary shares will raise an additional $14.7m for the company.