Truecaller plans to list Class B shares on Nasdaq Stockholm

Stockholm: Truecaller, a Swedish caller identification service that counts India as its biggest market, has planned to list its Class B shares on Nasdaq Stockholm.

Depending on market conditions, the Truecaller listing is expected to be completed during the fourth quarter of 2021, the company said in a statement. It plans to use gross proceeds of about 1 billion Swedish crowns ($116.08 million) to grow its business in existing markets and enter new ones.

Nami Zarringhalam and Alan Mamedi, who cofounded Truecaller in 2009, intend to control a majority of the company’s voting power through ownership of Class A shares. Many tech founders use dual-class shares to retain control of their companies after listing on public markets to operate on their long-term vision and safeguard from hostile takeovers, but critics argue that limited voting rights can lead to insular boards and poor corporate oversight.