SaaS major Freshworks lists on Nasdaq after billion-dollar IPO

Software company Freshworks Inc got listed on NASDAQ after raising over USD 1.03 billion through its initial public offering (IPO) at a market cap of USD 10.13 billion. The initial public offering of 28,500,000 shares of Class A common stock was priced at USD 36.00 per share. The shares began trading on the Nasdaq Global Select Market under the symbol "FRSH". Freshworks has granted the underwriters a 30-day option to purchase up to an additional 2,850,000 shares of Class A common stock at the IPO price. Morgan Stanley, J.P. Morgan and BofA Securities are acting as lead book-running managers for the offering and Jefferies and Barclays as book-running managers. Baird, Canaccord Genuity, JMP Securities, Needham & Company, Wolfe | Nomura Strategic Alliance, Oppenheimer & Co., Piper Sandler, Raymond James, AmeriVet Securities, CastleOak Securities, L.P., Ramirez & Co., Inc., R. Seelaus & Co., LLC, are acting as co-managers. The San Mateo, CA (USA)-headquartered startup, which was founded in Chennai, has teams operating from 13 global offices to serve 52,000+ customers. In the last 12 months it has earned USD 308 million in revenue, while its net loss stood at USD 10 million. The company reported a 53% surge in its revenues to USD 169 million in the six months ending June 30, 2021, compared to USD 110 million a year ago. Losses declined to USD 8.9 million.