Truecaller, the Swedish firm that generates most of its revenue from India, listed on Nasdaq Sweden today, opening at at 60 krona ($6.85) before going back to 52 krona within a couple of hours.
With this, Truecaller has officially breached the $2Bn valuation mark, which is right within the range that the company had aimed to achieve. The Swedish firm announced its plan to list its Class B shares on Nasdaq Stockholm on September 15, setting a price band of 44-56 krona, giving it a market cap of $1.9 billion to $2.4 billion upon listing.
On this auspicious day, Alan Mamedia, cofounder and chief executive of Truecaller tweeted:
What an incredible moment! Thank you everyone for supporting us during the last 12 years. This is truly just the beginning of our journey in making communication safe and efficient! pic.twitter.com/nxgBGa6fJ1
— Alan Mamedi (@AlanMamedi) October 8, 2021
Through this IPO, the company is offering 53.4 million Class B shares (53,414,532 Class B shares), of which 19.23 million shares (19,230,770 shares) are newly issued shares and 34.18 million shares (34,183,762 Class B shares) are sold by existing shareholders including founders Mamedi and Zarringhalam and investors Sequoia Capital India, Atomico, and Kleiner Perkins.
The company had announced that it plans to raise $116Mn through a listing of Class B shares, adding that the co-founders Nami Zarringhalam and Alan Mamedi will maintain control of the organization through Class A shares.
Truecaller allows users to filter through spam calls and texts, as well as search for users based on their mobile numbers. Moreover, it also allows users to place calls, if they would like to do so, directly through its app.
While it has its roots in Sweden, Truecaller finds its biggest market in India-a country where users receive dozens of spam calls in a week. Due to this popularity, the application has been able to amass almost 215.5 million daily active users, 76.8 percent of which are in India.
With this successful IPO, the company aims to to grow its business in existing markets and enter new ones.