India’s second most valued SaaS startup Freshworks has valued its initial public offering (IPO) at $36 per share. The Chennai based startup had initially plans to sell the shares in the open market in the price range of $32-$34 per share. But apparently buoyed by the investors’ interest, the SaaS major has now decided to increase share price to $36.
At the current price of $36 per share, Freshworks will be raising $1.03 Bn from the IPO offering. The company is all set to make the debut on the Nasdaq Global Select market under the symbol ‘FRSH’ on September 22, I.e. barely few hours from now.
Freshworks’ IPO comes at a time when SaaS IPOs have performed exceedingly well in the American capital market. Some of the high-profile SaaS companies that have listed on Nasdaq in recent times include Zoom, Cloudflare and Snowflake. On the global scale, Freshworks may not be as high profile as these companies. But its inspiring journey from a small rented Chennai apartment to its IPO listing on Nasdaq makes for a quintessential startup story. In fact, for much of the Indian startup industry Freshworks and its CEO Girish Mathrubootham are widely considered as one of the shining proponents of India’s startup success.
Through its humbling journey, many high profile VCs put their weight behind this startup. This included the likes of Sequoia Capital, Accel and Tiger Global among the host of other marquee investors.
Freshworks US IPO listing will add yet another Indian company on Nasdaq. It is worth noting that only handful of companies are listed in the American capital market.
The company’s revenue grew to $169 Mn in 2020 from $110 Mn that was clocked in 2019.