Truecaller on Wednesday announced that it will soon begin its initial public offering (IPO) by listing its Class B shares. The listing is expected to be completed during the fourth quarter of this year based on market conditions, the company said in a statement today.
Here are 10 things to know about the company:
- With the IPO, Truecaller will join the list of other Swedish companies such as Klarna and Trustly that are looking to tap the public markets.
- Truecaller plans to use the gross proceeds of around 1 billion Swedish krona ($116.08 million) to grow its business in existing markets and enter new ones.
- Truecaller counts Sequoia, Atomico, OpenOcean and Kleiner Perkins among its investors, and more than 10% of the company was owned by its employees.
- The company, which has been profitable, has around 280 million monthly active users and considers India as its largest market. It earns its revenue from advertising and subscription services.
- The company was founded in 2009 by Nami Zarringhalam and Alan Mamedi. Recently, Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield & Byers, has been appointed as the new chairman, replacing Zarringhalm.
- Jarringhalam will continue to be a member of the company’s board as well as its chief strategy officer.
- Jarringhalam and Mamedi intend to control most of the company’s voting power through ownership of Class A shares, reports Reuters news agency.
- Mamedi told Reuters news agency, “We have seen good traction in some western markets like the US and we believe those markets will become more interesting to us over time and we have already started some investments in these markets.” “
- Truecaller plans to list its Class B shares on Nasdaq Stockholm.
- “This is a time where Allen and Nami must provide their best leadership,” Gordon said in an interview with Reuters.
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