Founded in 2009 by Alan Mamedi and Nami Zarringhalam, Truecaller claims to have 205.5 million monthly active users in India in the second quarter of 2021.
Caller and SMS number identification company Truecaller, which makes the majority of its wealth from India, made its trading introduction at $6.82 (60 Swedish Krona) per share on Stockholm Stock Exchange, up 15.4 percent from the company’s listing price, giving the business a market cap of around $2.5 billion.
Previously on October 8, Truecaller rated its public offering at $5.91 (52 Swedish krona), corresponding to a market cap of $2.2 billion (19,431 Swedish Krona). The company was seeing to mop up around $428.2 million (3,770 million Swedish Krona) by the offering, considering the over-allotment option is exercised in full. Of this, the primary capital being raised is $114 million (1,000 Swedish Krona).
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 declared plans to list on Nasdaq Stockholm on September 15.
India is Truecaller’s largest market
Established in 2009 by Alan Mamedi and Nami Zarringhalam, Truecaller claims to have 205.5 million monthly active users in India in the second quarter of 2021. It claims to be the third-largest communication platform in the country by monthly active users behind WhatsApp and Facebook. The organization also states that 76.8 percent of its 215.5 million daily active users reside in India.
The Sequoia-backed firm, which has claimed India as its largest market, has reported 185 million MAU and 150 million DAU from the region. As per the above estimates, India has contributed 74 percent to MAU and 75 percent to Truecaller’s DAU.
In the first eight months of 2020, the Stockholm based business added 50 million MAUs. It surpassed MAU 200 million in February 2020 and MAU 100 million in April 2018, respectively.
Details of the IPO
Through this IPO, the business is offering 53.4 million Class B shares (53,414,532 Class B shares), of which 19.23 million shares (19,230,770 shares) are newly issued shares and 34.18 million shares (34,183,762 Class B 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 various entities.
The Swedish firm noted that the offering involves an increased share offering of 9.63 million shares (9,628,948 shares). Investors Sequoia India, Atomico, Kleiner Perkins, OpenOcean and Zenith Venture Capital have also committed to selling up 9.46 million shares (9,456,520 Class B shares) to cover any over-allotments in relation to the offering, the firm said. If the over-allotment option is exercised in full, the offering will comprise a total of 72.5 million shares (72,500,000 Class B shares).
“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,” Mamedi stated.
After listing, founders Zarringhalam and Mamedi will command a majority of its voting power due to their ownership of Truecaller’s high-vote Class A shares, the corporation told on September 15.