Money

Freshmen shooting for a $ 9 billion IPO rating at the top of the filing range

Video Source: YouTube, India Today

Customer support platform Freshworks Inc announced on Monday that it is aiming for an initial public offering (IPO) of up to $ 9 billion in the United States.

Software-as-a-Service (SaaS) startups Filing In collaboration with the US Securities and Exchange Commission (SEC), we plan to sell 28.5 million shares in the $ 28- $ 32 price range per share.

At the upper end of the filing range, the IPO will raise a total of $ 912 million with a monetary valuation of $ 8.9 billion.

The company, which was launched in India 11 years ago, was the last $ 3.5 billion In the November 2019 funding round. Its investors include Accel, Sequoia Capital India, Tiger Global Management and Capital G of Alphabet Inc.

Headquartered in San Mateo, California, engineering, product, and internal sales resources are still concentrated in India.

The software is currently used by more than 50,000 companies worldwide, including Delivery Hero SE, Vice Media Group, and Klarna Bank AB.

In a letter included in the submission on Monday, Freshworks founder Girish Mathrubootham wrote: We were unconventional from the beginning. Not because of itself, but because we saw the entry into the market with a unique approach. “

“We have provided a” fresh “approach that relies on efficient, product-driven, low-cost, hassle-free sales. And we targeted large, poorly serviced markets. And we had one simple mantra. It means that happy employees create happy customers. In fact, we made it our mission, “he writes.

Freshworks announced that it posted sales of $ 308 million and a net loss of $ 10 million with 49% growth in the 12 months to June 30, 2021.

The deal will be listed on the Nasdaq Stock Exchange under the “FRSH” symbol. September 20, 2021..

Morgan Stanley, JPMorgan Chase and Merrill Lynch Japan Securities are the lead underwriters for this transaction.

Economic Times As market interest grows with the rise of post-pandemic hybrid work, many tech and software start-ups such as Zoom Video Communications, Snowflake, and Asana have been unveiled over the past year.

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