(Bloomberg) -- Caller-identification service Truecaller is looking to raise 1 billion kronor ($116 million) in what could rank among the year’s biggest initial public offerings in Sweden as deals surge to a two-decade high.

Alongside the sale of new shares, existing holders will offer existing stock, according to a statement on Wednesday. The offering could value the company at about $3 billion, according to local media reports before the summer.

Truecaller adds to ebullient listing activity in Stockholm, which has seen $6.4 billion raised so far this year, the most for any full year since the height of the dotcom era in 2000, according to data compiled by Bloomberg. 

Read More: Swedish IPO Frenzy Propels Stock Market Into Europe’s Big League

A growing number of cybersecurity providers are tapping European investors this year, as online fraud and phone scams have surged during the pandemic’s lockdowns. Exclusive Networks is working on a Paris IPO, while Darktrace Plc’s shares have nearly tripled in just over five months of trading in London.  

Truecaller, founded in 2009 by Nami Zarringhalam and Alan Mamedi, has built one of the world’s largest caller-identification systems with about 280 million active users. The company reported sales of 492 million kronor in 2020, up from 190 million kronor in 2018.

Some of Truecaller’s early investors included Sequoia Capital and Atomico, an investment firm started by Skype’s Niklas Zennstrom.

“With a clear focus on innovation and growth, Truecaller is on an exciting journey to reach even more users with even better products,” said Shailesh Lakhani, a managing director at Sequoia Capital India.

Carnegie, Goldman Sachs, JP Morgan and Citigroup Global Markets are joint global coordinators on the planned offering, which is scheduled for the fourth quarter.

Read More: Spotify’s Nest Proves a Fertile Breeding Ground for Unicorns

©2021 Bloomberg L.P.