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The company, which rivals Salesforce.com Inc,
said it would sell 28.5 million shares priced between $28 and
$32. At the top end of the range, it will raise $912 million.
The San Mateo, California-based firm joins a slew of listings
from the software and technology sector. Most such debuts have
seen strong interest from market participants who expect the
companies to benefit from the shift to hybrid work following the
pandemic.
Founded in 2010 by Girish Mathrubootham and Shan Krishnasamy,
Freshworks was launched from the South Indian city of Chennai.
It raised its first round of funds in 2011 and in the same year
it bagged its first customer - the Atwell College in Australia.
Venture capital firm Accel and New York-based technology
investment giant Tiger Global Management were the early
investors in the company.
Freshworks has a suite of products that help businesses with
customer management like a messaging platform and an
artificial-intelligence-powered chatbot for customer support.
It was valued at around $3.5 billion during its last funding
round in November 2019. Sequoia Capital India and CapitalG are
also its backers.
Reuters reported
https://www.reuters.com/technology/
exclusive-salesforce-rival-freshworks-hires-banks-ipo-sources-2021-04-27
in April that a stock market debut could value Freshworks at
around $10 billion.
Its technology is used by more than 50,000 companies in 120
countries, including high-profile names like Delivery Hero SE,
Vice Media and Swedish payments firm Klarna.
Freshworks will list its stock on the Nasdaq under the symbol "FRSH".
Morgan Stanley, J.P. Morgan, Bofa Securities are lead
underwriters.
(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru;
Editing by Arun Koyyur)
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