Truecaller, the Swedish company that generates most of its revenue from India, listed on Nasdaq Sweden today, opens with SEK 60 ($ 6.85) before returning to SEK 52 within a couple of hours.
With this, Truecaller has officially violated the value of 2 billion dollars, which is exactly within the range that the company aimed to achieve. The Swedish company announced its plan to list its B shares on Nasdaq Stockholm on September 15, establishes a price band of SEK 44-56, which gives it a market value of 1.9 to 2.4 billion dollars at listing.
On this lucky day, Alan Mamedia, founder and CEO of Truecaller, tweeted:
What an incredible moment! Thank you to everyone who has supported us over the past 12 years. This is really just the beginning of our journey to make communication secure and effective! pic.twitter.com/nxgBGa6fJ1
– Alan Mamedi (@AlanMamedi) October 8, 2021
Through this listing, the company offers 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) 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 $ 116 million through a listing of B shares, adding that co-founders Nami Zarringhalam and Alan Mamedi will retain control of the organization through A shares.
Truecaller allows users to filter through spam calls and text messages as well as search for users based on their mobile number. In addition, it also allows users to make calls, if they wish to do so, directly via the app.
Although it has its roots in Sweden, Truecaller finds its largest market in India – a country where users receive dozens of spam calls in one week. Due to this popularity, the application has been able to gather almost 215.5 million daily active users, of which 76.8 percent are in India.
With this successful IPO, the company aims to grow its operations in existing markets and enter new ones.