''Today is a dream come true for me,'' said Freshworks Founder and Chief Executive Officer (CEO) Girish Mathrubootham after India's first software-as-a-service (SaaS) tech startup got listed on US stock exchange Nasdaq. Mr Mathrubootham acknowledged the contribution of employees, partners, and investors, and took to Twitter expressing his gratitude for believing in the dream.
''Today is a dream come true for me - from humble beginnings in #Trichy to ringing the bell at @Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners, and investors for believing in this dream,'' wrote Mr Mathrubootham on Twitter.
Today is a dream come true for me - from humble beginnings in #Trichy to ringing the bell at @Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners, and investors for believing in this dream. #Freshworks#IPO#NASDAQpic.twitter.com/fXz73YxXXR— Girish Mathrubootham (@mrgirish) September 22, 2021
After raising $1 billion in the initial public offering (IPO) - priced above the market range, shares of Freshworks Inc rose 32 per cent after getting listed on the US stock exchange with its market capitalization hitting $13 billion. Freshworks IPO was led by Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. Its shares are now trading on the Nasdaq Global Select Market under the symbol 'FRSH'.
The newly-listed software services company sold 28.5 million for $36 each after marketing them for $32 to $34, - a target that the company had elevated from $28 to $32.
''Welcome to the Nasdaq family, FreshworksInc! Designed with the end-user in mind, #Freshworks builds and delivers software-as-a-service that makes it easy for businesses to delight their customers and employees,'' wrote Nasdaq in a tweet.
Welcome to the @Nasdaq family, @FreshworksInc!— Nasdaq (@Nasdaq) September 22, 2021
Now trading: $FRSH
Designed with the end-user in mind, #Freshworks builds and delivers software-as-a-service that makes it easy for businesses to delight their customers and employees. #NasdaqListedpic.twitter.com/c6tm98p8V7
After the COVID-19 pandemic prompted businesses to go digital, Freshworks boosted revenue about 40 per cent last year, and sales continued to grow in the first half of 2021, while its net loss reduced.
Freshworks was founded in India and moved to the Silicon Valley to be closer to customers. The company still retains a substantial workfoce in Chennai, Tamil Nadu. The company is primarily involved in delivering software services to the end-user -mostly building tech for sales, marketers, IT, customer service, HR, among others.
With the listing, Freshworks joins other major Indian companies such as Infosys, Wipro, and HDFC Bank to trade on the US stock exchanges.