Stockholm: Truecaller, a Swedish caller identification service that counts India as its largest market, plans to list its Class B shares Nasdaq Stockholm.

depending on market conditions, trucker listing The completion is expected during the fourth quarter of 2021, the company said in a statement. It plans to use the gross proceeds of about 1 billion Swedish krona ($116.08 million) to grow its business in existing markets and enter new ones.

Naami Zarringhalam And Alan Mamedy, who founded Truecaller in 2009, intends to control most of the company’s voting power through ownership of Class A shares. Many tech founders use dual-class stocks to maintain control of their companies after they are listed on the public markets to work on their long-term vision and protect them from hostile takeovers, but critics
people argue That limited voting rights could lead to insular boards and poor corporate oversight.

“We’ve got a lot of support from shareholders to implement this,” CEO Mamedi said in an interview. He refused to give the ratio of voting rights between the shares of the two classes.

Truecaller counts Sequoia, Atomico, OpenOcean and Kleiner Perkins among its investors, and more than 10% of the company is owned by its employees. The company has 280 million monthly active users and considers India as its largest market.

“In some western markets like the US, we have seen good traction and we believe those markets will become more interesting to us over time and we have already started some investments in these markets,” Mamedi said.