Swedish caller-identification service Truecaller seeks to raise over $100 million in IPO



Truecaller, which operates an eponymous caller-identification service, said on Wednesday it is looking to raise $116 million in an initial public offering on Nasdaq Stockholm.

The 12-year-old Stockholm-headquartered firm, which counts India as its biggest market by users, is aiming for a valuation of about $3 billion in the IPO, according to earlier local media reports. The company said it plans to do its listing by fourth quarter of this year.

The firm, which has amassed 278 million monthly active users, has been working on its initial public offering for at least two years, according to TechCrunch’s past conversations with Truecaller co-founder and chief executive Alan Mamedi.

The firm counts Sequoia Capital and Atomica among its earlier investors. It has raised over $95 million over the years, according to Crunchbase. Six years ago, the firm engaged with some investors to raise an additional $100 million at a valuation of $1 billion, TechCrunch reported, but the deal never materialized.

“One of our objectives this year has been to prepare Truecaller for an IPO. Thanks to the strong feedback that we’ve received from potential investors, it feels very exciting to take the next step in this process. A listing of Truecaller is not only a milestone for Nami [the other co-founder], myself and all of our employees who have contributed to building Truecaller to the fantastic platform that it is today, but also to the growing Swedish tech ecosystem,” he said in a statement Wednesday.

“Even though we are twelve (Read more...)