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Freshworks opens $500-M share sale; founder Mathrubootham to trim stake

Economic Times  

Freshworks Inc has initiated a share sale worth more than USD 500 million to allow top executives — including co-founder and CEO Girish Mathrubootham — and employees to cash out post the company's blockbuster listing on the Nasdaq in September. The development comes as the mandatory lock-in period after the IPO ends, allowing shareholders to sell up to 20% of their stake in the company. Freshworks plans to sell 13.6 million of its Class A common stock to over 3,300 shareholders. It will not receive any proceeds from the sale of shares whenever they are sold. Mathrubootham will cut his stake in Freshworks to 5.1% from 6%, offering up 2.4 million shares in the company. Freshworks CFO Tyler Sloat will offer around 450,000 shares, while CPO Srinivasagopalan Ramamurthy and CRO Jose Morales will offer around 300,000 shares each.