The company’s share price, which it had set at 52 Swedish krona ($5.93) earlier in the day, opened at 60 krona ($6.85), but returned to 52 krona within hours, giving Truecaller some of the market capitalization. Higher market capitalization. 2 billion dollars.
The company’s co-founder and CEO Alan Mamedy tweeted: “What an incredible moment! Thank you all for supporting us over the past 12 years. This is truly the beginning of our journey to make communication secure and efficient.” !”
What an incredible moment! Thank you all for supporting us during the last 12 years. It really just has to be… https://t.co/aEEBuDGGDU
— Alan Mamedi (@AlanMamedi) 1633682684000
Sequoia India, a Truecaller investor since 2014, tweeted: “@Truecaller, from underdog to category creator, a great example of having the right #idea at the right time.”
. @Truecaller, the underdog turned category builder, is a great example of having the right #idea… https://t.co/V8MWchKW7C
— Sequoia_India (@Sequoia_India) 1633679415000
had the trucker
announced It plans to list its Class B shares on Nasdaq Stockholm on September 15. It said it planned to use the proceeds of about 1 billion krona (about $114 million) to grow its business in existing markets and enter new ones. IT on 29th September
said Its Class B shares will have a price range of 44-56 krona, giving it a market cap of $1.9 billion to $2.4 billion upon listing.
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Mamedi and Nami Jarringhalam, who founded Truecaller in 2009, planned to control most of the company’s voting power through Class A shares. Many tech founders use dual-class shares to maintain control of their firms after listing to work on their long-term outlook and prevent hostile takeovers. But critics argue that limited voting rights can lead to insular boards and poor corporate oversight.
In early September, the company hired Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield & Byers, to replace Zarringhalm as chairman. Gordon said at the time that the company would meet its goal of being IPO-ready by the end of the year.
There are about 205 million monthly active Truecaller users in India, or nearly three-quarters of the worldwide total, and more than half of the company’s employees.
With inputs from Reuters.