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Truecaller opens with 15.4% pop on its Stockholm trading debut

Founded in 2009 by Alan Mamedi and Nami Zarringhalam, Truecaller claims to have 205.5 million monthly active users in India as of second quarter of 2021.

October 08, 2021 / 01:55 PM IST
Truecaller cofounders Alan Mamedi (L) and Nami Zarringhalam

Truecaller cofounders Alan Mamedi (L) and Nami Zarringhalam

Caller identification firm Truecaller, which earns majority of its revenues from India, made its trading debut at $6.82 (60 Swedish Krona) per share on Nasdaq Stockholm, up 15.4 percent from the company's listing price, giving the company a market cap of around $2.5 billion.

Earlier on October 8, Truecaller priced its public offering at $5.91 (52 Swedish krona), corresponding to a market cap of $2.2 billion (19,431 Swedish Krona). The firm was looking to mop up around $428.2 million (3,770 million Swedish Krona) through the offering, assuming 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 announced plans to list on Nasdaq Stockholm on September 15.

India is Truecaller's biggest market