Truecaller to launch IPO on Nasdaq Stockholm; aims to raise $116 million

Swedish caller identification service Truecaller said on Wednesday that it aims to raise USD 116 million in its initial public offering (IPO) on Nasdaq Stockholm, a Swedish stock exchange. The company announced that it 'intends to list its Class B shares on Nasdaq Stockholm'. Truecaller has said the offering would create growth opportunities, increase its financial flexibility and broaden its ownership base. Reportedly, Truecaller’s board believes that a public listing will raise awareness of the company and its operations and enhance its profile with investors and other stakeholders.

“In addition, the offering allows existing shareholders to sell a portion of their current shareholding of class B shares and thereby create a liquid market for the shares,” Truecaller said in a statement. “If Truecaller submits an application for admission to trading of the company’s Class B shares on Nasdaq Stockholm, Nasdaq Stockholm will approve such application, provided that certain conditions are fulfilled, including the distribution requirement,” the company added. 

Sequoia Capital India, Atomico, Kleiner Perkins, and OpenOcean are said to be some of the prominent investors of Truecaller. The company's operating revenues in 2020 were reported to be USD 57 million, up from USD 22 million in 2018.

Reportedly, Truecaller has 278 million monthly active users. The firm counts India as one of the critical markets. According to media reports, 75% of the service’s daily active users and 92% of its monthly active users came from India as of October 2020. Whereas 60% of its premium subscribers worldwide came from India, the company revealed in May last year.

Image: TRUECALLER HELP TWITTER / PTI