September 14, 2021 01:14 PM
Tech firm Freshworks Inc plans to raise up to $912 million via an initial public offering (IPO) in the US, according to a regulatory filing. The San Mateo, SaaS-based tech firm Freshworks to raise $912 mn from IPO in US by Girish Mathrubootham and Shan Krishnasamy in Chennai.
Freshworks has raised funds from marquee investors including Accel and Tiger Global Management. In a filing with the US Securities and Exchange Commission (SEC), Freshworks Inc said it looks to offer 28.5 million Class A common shares at proposed maximum price per share of $32.
“Freshworks Inc is offering 28,500,000 shares of our Class A common stock. This is our initial public offering, and no public market currently exists for shares of our Class A common stock. We anticipate that the initial public offering price will be between $28 and $32 per share,” the filing said.
As per the document, the company has about 52,500 customers globally, including names like Byju’s, Sotheby’s, Dunzo, Delivery Hero, Lenskart and Radisson Hotels. “Freshworks is a very special company…We weren”t founded in Silicon Valley. We didn”t target large enterprises. We didn”t have access to a been-there-done-that talent pool.
“We designed our products for the people actually using them. We offered a ”fresh” approach relying on efficient, product-led, low-cost, and low-touch sales; and we targeted massive, underserved markets,” Freshworks co-founder Girish Mathrubootham said in a letter, as part of the IPO filing.
The company said its total revenue was $249.7 million in the year ended December 31, 2020, up 45 per cent year-over-year. Its total revenue was $110.5 million and $168.9 million in the six months ended June 30, 2020 and 2021, respectively, representing an increase of 53 per cent year-on-year.