Truecaller on Wednesday announced that it would be soon launching its Initial Public Offering (IPO) by listing its Class B shares. The company said in a statement today, depending on market conditions, the listing is expected to be completed during the fourth quarter of this year.
Here are the 10 things to know about the company:
- With the IPO, Truecaller will be joining a list of other Swedish companies such as Klarna and Trustly that are looking to tap the public markets.
- Truecaller plans to use gross proceeds of about 1 billion Swedish crowns ($116.08 million) to growing its business in existing markets and entering new ones.
- Truecaller counts Sequoia, Atomico, OpenOcean, and Lleiner Perkins among its investors, and more than 10% of the company was owned by its employees.
- The company, which has been profitable, has about 280 million monthly active users and counts India as its biggest market. It earns its revenue from advertising and subscriptions services.
- The company was co-founded by Nami Zarringhalam and Alan Mamedi in 2009. Recently, Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield &Byers, has been appointed as the new chairman, replacing Zarringhalam.
- Zarringhalam will remain a member of the company’s board as well as its chief strategy officer.
- Zarringhalam and Mamedi intend to control a majority of the company’s voting power through ownership of Class A shares, news agency Reuters reported.
- Mamedi told news agency Reuters, “In some of the Western markets like the U.S. we have seen good traction and we have already started some investments into these markets.”
- Truecaller is planning to list its Class B shares on Nasdaq Stockholm.
- Gordon in an interview with Reuters had said, “This is a time where Alan and Nami would have to provide their best leadership.”