Freshworks to raise $1 billion in IPO at $10 billion valuation
Bengaluru: SaaS startup Freshworks, that is predicted to list on the information system Wednesday, is reaching to raise the maximum amount as $1.02 billion through its initial public providing (IPO) at a valuation of over $10 billion.
This is the primary India-born software system merchandise startup to list on the US stock exchanges.
The San Mateo-based startup, that was supported in city, plans to sell twenty eight.5 million shares at a value of $36, the corporate aforesaid in a very release on weekday, up from the marketed vary of $32-$34 the corporate declared earlier on, inform to robust capitalist interest.
Last week, Freshworks had disclosed to the U.S.A. Securities and Exchange Commission that it absolutely was targeting a value vary of $28-$32 for its stock within the initial public offering.
In addition, Freshworks has granted the underwriters a 30-day choice to purchase up to a further two,850,000 shares of sophistication a standard stock at the initial public offering value minus underwriting discounts and commissions.
Freshworks according a fifty three surge in its revenues to $169 million within the six months that terminated June thirty, 2021 compared with revenue of $110 million recorded within the same amount last year. At a similar time, losses declined sharply by eighty three you have to $ eight.9 million. the corporate was valued at $3.5 billion once it raised $150 million from redwood Capital, CapitalG and Accel in Nov 2019.
Its prospectus, filed with the SEC last month, discovered that affiliates of investors Accel and Tiger international each own over twenty fifth of the company’s category B shares, whereas cypress Capital owns a touch over twelve-tone music of identical category of shares.
The software-as-a-service startup is seeking to list its shares on the information system international choose Market, underneath the image FRSH.
Freshworks, is that the latest to affix a rush of venture-funded firms in Republic of India that are sharply diversifying on the far side non-public markets on the rear of a stellar domestic listing by food technology platform Zomato in Gregorian calendar month.
Meanwhile, within the United States a wave of listings by technology ventures like Zoom, Snowflake, position and Palantir are very well received within the backcloth of skyrocketing digitization world over, particularly once the onslaught of the Covid-19 pandemic.
The company aforesaid it currently has over fifty two,000 customers and within the last twelve months has attained a revenue of $308 million, a growth of over four-hundredth, whereas posting a web loss of $10 million, within the same amount.