Swedish caller identification firm Truecaller, made its trading debut at $6.82 per share on Nasdaq Stockholm, up 15.4 percent from the company’s listing price, giving the company a market cap of around $2.5 billion.
Truecaller has priced its public offering at $5.91, corresponding to a market cap of $2.2 billion. The firm was looking to mop up around $428.2 million through the offering, assuming the over-allotment option is exercised in full. Of this, the primary capital being raised is $114 million.
The firm set a price of 44-56 Swedish krona per share for its listing of Class B shares on September 29. It had first announced plans to list on Nasdaq Stockholm on September 15.
Through this IPO, the company is offering 53.4 million Class B shares , of which 19.23 million shares are newly issued shares and 34.18 million shares are sold by existing shareholders including founders Mamedi and Zarringhalam and investors Sequoia Capital India, Atomico, and Kleiner Perkins. Employees are also offloading shares in this offering through different entities.
An anchor investment worth $257.4 million from Ward Ferry Management, Steadview Capital, Malabar Investments, The First Swedish National Pension Fund, Handelsbanken Fonder and Coeli Asset Management has already been secured by Truecaller.
“Today marks a monumental milestone in Truecaller’s history. A fantastic journey began twelve years ago that has resulted in Truecaller becoming the leading global platform for verifying contacts and blocking unwanted communication with 280 million active users and more than half a billion app downloads. Now begins a new chapter to make tomorrow’s communication smarter, safer, and more efficient. Nami and I look forward to continuing Truecaller’s growth journey together with existing and new shareholders” said Alan Mamedi.
