truecaller stock price: Truecaller debuts on Nasdaq Sweden, Sequoia India praise for “category creator”
The company’s share price, which it had set at SEK 52 ($ 5.93) each earlier in the day, opened at SEK 60 ($ 6.85) but was back at SEK 52 within a couple of hours, which gave Truecaller a market capitalization of just over $ 2 billion.
Alan Mamedi, the company’s founder and CEO, 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 efficient! ”
What an incredible moment! Thank you to everyone who has supported us over the past 12 years. This is really just … https://t.co/aEEBuDGGDU
– Alan Mamedi (@AlanMamedi) 1633682684000
Sequoia India, an investor in Truecaller since 2014, tweeted: “@Truecaller, who has gone from underdog to category creator, is a great example of having the right # idea at the right time.”
. @Truecaller, who has gone from underdog to category creator, is a good example of having the right # idea on … https://t.co/V8MWchKW7C
– Sequoia_India (@Sequoia_India) 1633679415000
Truecaller had announced plans to list its B shares on Nasdaq Stockholm on 15 September. It said it planned to use revenues of about $ 1 billion (about $ 114 million) to grow its operations in existing markets and enter new ones. On September 29, it said that the price range for its B shares would be SEK 44-56, which gives it a market value of 1.9 billion to 2.4 billion dollars at the listing.
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Mamedi and Nami Zarringhalam, who founded Truecaller in 2009, plan to control the majority of the company’s voting power through A shares. Many tech founders use dual-grade stocks to maintain control of their companies after listing to pursue their long-term vision and prevent hostile takeovers. But critics argue that limited voting rights could lead to upper boards and poor corporate oversight.
In early September, the company hired Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield & Byers, to replace Zarringhalam as chairman. Gordon then said that the company would reach its goal of being IPO-ready by the end of the year.
India has about 205 million monthly active Truecaller users, or about three quarters of the total world, and also accounts for more than half of the company’s employees.
With contributions from Reuters.