Freshworks sets IPO price at $36 to raise $1.02 b

Our Bureau Chennai | Updated on September 22, 2021

Girish Mathrubootham, CEO and Founder, Freshworks

First Indian SaaS company to hit capital market

Freshworks Inc, a Chennai- and Silicon Valley-based company, on Wednesday became the first Indian SaaS company to go public, and get listed on the Nasdaq.

Its CEO, Girish Mathrubootham, along with his family members and senior company officials rang the ‘iconic’ Nasdaq Opening bell in honour of their listing day.

It began trading on the Nasdaq Global Select Market under the symbol ‘FRSH' and the offering is expected to close on September 24, 2021.

Freshworks is raising $1.02 billion as it set IPO at $36 a share, boosting its IPO share price for the second time in the past week and taking its valuation over $10 billion.

Price hiked from $32-34

It had earlier started plans to sell shares in the price range of $32-34 per share, after raising the range from $28-$32 per share.

Freshworks, Software as a Service (Saas), has granted the underwriters a 30-day option to purchase up to an additional 28,50,000 shares of Class A common stock at the IPO price net of underwriting discounts and commissions.

Major investors

The company has raised $400 million at a $3.5 billion valuation. Some of its investors include Sequoia Capital, Accel, Tiger Global Management, and CapitalG, according to information on the web.

Starting in a 700 sq ft warehouse in Chennai in 2010, Freshworks crossed $300 million in annual recurring revenue early this year. More than 50,000 companies use Freshworks’ SaaS to enable a better customer and employee experience, says information in its website.

Published on September 22, 2021

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