Freshworks IPO aims to raise around $1B at a valuation of $9B

• BySheetal Sidhu     |    September 14, 2021

Freshworks IPO aims to raise around $1B at a valuation of $9B. In a regulatory filing with the US Securities and Exchange Commission (SEC), the company said it will be offering 28.5 million shares, with a price range of $28 to $32 per share. This could see Freshworks raising anywhere between $798 million and $912 million. “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 $28.00 and $32.00 per share,” the filing noted.

Freshworks — which emerged as the poster child for the SaaS industry in India — is one of the most anticipated IPOs from the Indian startup ecosystem. The company, providing an update on its financial performance, stated that its total revenue for the six months ending June 30, 2021, stood at $168.9 million, up 53 percent compared to $110.5 million in the comparable period of the previous year. The total revenue for 2020 was at $249.7 million, up 45 percent compared to $172.4 million in the previous year. It also saw its net loss declined by 83 percent. For the first six months in 2021, the net losses stood at $9.8 million as compared to $57.1 million in the comparable period last year.

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