Freshworks an Indian SaaS Company files its IPO listing in the Nasdaq Exchange at $36 per share.2 years ago Rituka M
Freshworks an Indian SaaS company files its IPO listing on Nasdaq Exchange. Becomes the first to list on the US stock exchange. The proceeds from the IPO will go towards working capital, capital ex, acquisitions, and expenses.
On 22nd Sept 2021, Freshworks made its debut in the US Stick Exchange Nasdaq at $43.5 per share. This was up 21% from its listing price, $36 per share. Last valued at $3.5 billion in its funding round of $150 Mn in November 2019, the current listing evaluates it at $10.13 Bn.
Expected to begin trading under the symbol “FRSH”, the offering shall close on Sept 24th. Morgan Stanley, J.P. Morgan, and BofA Securities are acting as lead book-running managers for the offering. Additionally, Jefferies and Barclays are also acting as book-running managers for the offering. Moreover, Baird, Canaccord Genuity, JMP Securities, Needham & Company, Oppenheimer & Co., Piper Sandler, R. Seelaus and Co., LLC, among others shall act as co-managers for the offering.
During the bell-ringing ceremony, Mathruboothamm, CEO & Co-founder, Freshworks, said, “I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve. The fact that we are doing it first in the US markets is truly amazing. Today is day zero for Freshworks all over again and the beginning of so much more.“
The Road Ahead
Founded in 2010 as Freshdesk, and rebranded itself as Freshworks in 2017, the Indian SaaS company has come a long way. With the backing of marquee investors like Accel, Sequoia Capital, Tiger Global, the company claims to have over 55000 customers.
Freshworks intends to push the latest funds towards working capital, operating expenses, capital expenditure, and acquisitions. Additionally, the acquisitions will include products, services, or technologies.
As an ode to Rajnikanth, “The code name of our IPO was Project Superstar, after the most successful movie star from Tamil Nadu, Rajnikanth. I want to express my love and gratitude to him for being my maanaseega Guru”, said Mathruboothamm.