The Swedish mobile phone directory, caller id and spam blocking service provider just published its IPO prospectus, giving its shares a price range between 44 and 56 Swedish crowns.
When its shares will effectively start trading on Nasdaq Stockholm, which the company expects to happen on Friday 8 October under the trading symbol “TRUE”, that price range would give the spam blocking machine a market valuation between $1.9 billion to $2.4 billion after completion.
According to the prospectus, Truecaller expects the net proceeds of the listing to amount to more than $100 million (or just north of €90 million).
The company has just shy of 150 shareholders on its cap table. Key investors include Sequoia Capital (India), Atomico, OpenOcean, Kleiner Perkins and Zenith, but more than 10% of the shares are owned by Truecaller’s 200+ employees.
Originally founded in 2009, Truecaller says it currently boasts around 280 million active users in over 175 countries, with half a billion downloads since launch and 30 billion unwanted calls identified and blocked. The bulk of its user base is in India, where it has more than 200 million monthly active users.
Fun fact: the app initially launched on Symbian and Windows Mobile, and only hit the Android and iPhone app stores later.
In 2020, the company says it booked close to 500 million Swedish crowns in revenue (roughly €50 million) and achieved positive EBITDA margins.
Truecaller was in the list of companies we predicted would go public this year.
There’s 30+ more companies on there, so check it out.