Caller identification service Truecaller on Wednesday announced plans to raise $116m in an initial public offering, choosing its native Sweden to list rather than the US.
The 12-year-old company is one of several Swedish tech scaleups that are also eyeing the public markets, including Klarna and Trustly.
There are hopes in Sweden and across Europe that these companies will choose Europe to list their shares, rather than following in the footsteps of Spotify and listing in the US.
The company's VC backers include Sequoia, Atomico and Kleiner Perkins. Earlier reports suggested that it is aiming for a valuation of above $1bn, which is smaller than many 2021 European tech floats like Deliveroo and Wise.
Truecaller said it plans to do its listing by the fourth quarter of this year. The company has about 280m monthly active users and counts India as its biggest market. It earns its revenue from advertising and subscription services.
Earlier this month Bing Gordon, a partner at venture capital firm Kleiner Perkins, was named as the new chairman, replacing Nami Zarringhalam, who co-founded the company with Alan Mamedi in 2009. This was seen as a precursor to the company filing for an IPO.
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