Freshworks increases the IPO price; listed in the Nasdaq on September 22, at a price of almost 10 billion dollars
Freshworks – founded in a small warehouse in Chennai’s obscure suburb in 2010 – is all on Wall Street for its debut. On 22 September, Nasdaq will raise nearly $1.07 billion.
Moreover, Freshworks has increased its IPO price band after successful road shows. Freshworks’ new pricing band is $32-34 per share in regulatory filings to the Securities Exchange Commission in the USA, versus $28-32 per share. Freshworks is now looking for an assessment of almost $10 billion, up from the $9 billion value it was looking for until last week.
The last appraisal of Freshworks amounted to $3.5 billion in 2019, before the Covid-19 pandemic raised SaaS companies’ fortunes for obvious reasons.
In its filings, Freshworks revealed that it can use the net proceeds of the IPO to acquire complementary companies, products, services or technologies.
|Categories:||CRM, Information Services, Information Technology, SaaS|
|Founders:||Girish Mathrubootham, Shan Krishnasamy, Vijay Shankar|
|Funding Status:||Late Stage Venture|
|Number of Employees:||1001-5000|
Last Funding Round
|Announced Date:||Jan 1, 2020|
|Funding Type:||Secondary Market|
|Lead Investors:||Steadview Capital|
Today Freshworks is competing with Salesforce, the King of all SaaS companies. It offers integrated customer management solutions along with a messaging platform, artificial intelligence chatbots, and call centre solutions. It automates routine tasks and manages HR functions, such as recruiting and tracking employee information. The company has over 52,000 customers and its investors include brand names such as Accel, Tiger Global and Sequoia.