VC-backed Truecaller lists on Nasdaq Stockholm

The total value of the offering is expected to amount to SEK 3.77bn (EUR 372m). The company set its offer price at SEK 52 (EUR 5.10) per share.

The company published its IPO prospectus on 29 September, having first announced its intention to list on 15 September. The prospectus stated that Truecaller expected to price its shares at SEK 44-56 apiece (EUR 4.32-5.50) per Class B share, corresponding to a total market value of all issued shares (Class A and Class B) of the company of approximately SEK 16.6bn-20.8bn (EUR 1.6bn-2bn) after completion of the listing.

At the time of the listing, the company's shares rose to SEK 60 (EUR 5.90), but returned to around SEK 52 thereafter.

Swedish pension fund AP1, Handelsbanken Fonder, Malabar Investments, WF Asian Reconnaissance Fund (managed by Ward Ferry Management), Coeli Asset Management and Steadview Capital Mauritius have all undertaken to acquire Class B shares in the offering.

Carnegie Investment Bank, Goldman Sachs, JP Morgan and Citigroup are joint global coordinators and joint bookrunners for the IPO. Numis Securities and Skandinaviska Enskilda Banken are joint bookrunners. Linklaters is acting as legal adviser to the joint global coordinators and joint bookrunners.

The IPO continues a busy 2021 for PE-backed public listings. As reported by Unquote, PE-backed IPOs reached a seven-year high in 2021, with USD 25.3bn in deal value generated across 41 listings, according to data from Dealogic.

Previous funding
In September 2012, Open Ocean acquired a minority stake in Truecaller in a EUR 1m Series A round, investing via Open Ocean Fund III, according to Unquote Data.

Sequoia Capital led a USD 18.8m Series B round for Truecaller in February 2014, joined by existing investor Open Ocean.

In October 2014, Truecaller raised a USD 60m Series C round backed by Sequoia Capital, Kleiner Perkins Caufield & Byers (KPCB) and Atomico. The round reportedly valued Truecaller at USD 300m.

Following the round, KPCB's Hohn Doerr, Atomico's Mattias Ljungman, and Insight Venture Partners' Jerry Murdock joined Truecaller's board, while Atomico's Niklas Zennström was appointed as a special adviser.

Company
Truecaller is a Sweden-headquartered call identification software that allows uses to identify and filter callers and texts, with the aim of avoiding spam calls. The company operates via a mobile app.

According to its latest financial report, Truecaller posted 2020 revenues of SEK 492m (EUR 48.6m), representing a 64% increase on the previous year. Of these revenues, 69% were generated in India, which has historically been one of the worst-hit countries in terms of the volume of unwanted calls, according to the same report. Truecaller had 260 million monthly active users in 2020 and employs 227 staff on average.

People
Truecaller – Alan Mamedi (CEO); Bing Gordon (chairman).
Sequoia Capital – Shailesh Lakhani (managing director).

Advisers
Company – Baker McKenzie (legal).

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