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IPO Lane | Freshworks creates history with Nasdaq listing

Business software maker Freshworks create history by ringing the bell at Nasdaq MarketSite on September 22 as the company became the first Indian software as a service (SaaS) company to go public on the US stock exchanges.

Moneycontrol News | September 22, 2021 / 20:48 IST
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Business software maker Freshworks create history by ringing the bell at Nasdaq MarketSite on September 22 as the company became the first Indian software as a service (SaaS) company to go public on the US stock exchanges.
Business software maker Freshworks create history by ringing the bell at Nasdaq MarketSite on September 22 as the company became the first Indian software as a service (SaaS) company to go public on the US stock exchanges.
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Freshworks has been one of the most anticipated IPOs of 2021, amid increased digitisation and growing adoption for remote work during the COVID-19 pandemic. Cofounder Girish Mathrubootham has also been the flagbearer of India's Software-as-a-Service (SaaS) industry.
Freshworks has been one of the most anticipated IPOs of 2021, amid increased digitisation and growing adoption for remote work during the COVID-19 pandemic. Cofounder Girish Mathrubootham has also been the flagbearer of India's Software-as-a-Service (SaaS) industry.
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"I am really proud of how far we have come but more importantly, I am excited about what's next for Freshworks. Today is day zero for Freshworks all over again and the beginning of so much more," Cofounder Girish Mathrubootham said.
"I am really proud of how far we have come but more importantly, I am excited about what's next for Freshworks. Today is day zero for Freshworks all over again and the beginning of so much more," Cofounder Girish Mathrubootham said.
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The company is set to begin trading on the Nasdaq Global Select Market under the symbol “FRSH” later on September 22. This public offering comes at a time when SaaS IPOs in the US have performed spectacularly, popping (rising sharply) and creating billionaires overnight.
The company is set to begin trading on the Nasdaq Global Select Market under the symbol “FRSH” later on September 22. This public offering comes at a time when SaaS IPOs in the US have performed spectacularly, popping (rising sharply) and creating billionaires overnight.
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San Mateo, California-based Freshworks had priced its US initial public offering (IPO) above the target range to raise $1.03 billion from the offering, at a valuation of over $10 billion.
San Mateo, California-based Freshworks had priced its US initial public offering (IPO) above the target range to raise $1.03 billion from the offering, at a valuation of over $10 billion.
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Freshworks plans to use the proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. It may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies.
Freshworks plans to use the proceeds from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. It may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies.

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