Freshworks raises $1 bn via ‘superstar’ IPO in US
Excitement and a sense of achievement were evident as Girish Mathrubootham, founder and Chief Executive Officer of Saas (software as a service) start-up Freshworks, got ready to ring the opening bell at the Nasdaq Marketsite on Wednesday.
Freshworks became the first Indian Saas start-up to get listed in the US, and looks all set to raise $1.03 billion from its initial public offering (IPO), taking its valuation to $10.13 billion.
“I feel like an Indian athlete who has won a gold medal at the Olympics,” he said.
Inspiration for the IPO came
from an unlikely source. “The code name of our IPO was Project Superstar, named after the most successful
movie star from Tamil Nadu, Rajnikanth,” Mathrubootham said.
Mathrubootham added that the firm was showing the world what a global product company from India can achieve. “I am really proud of how far we have come and more importantly I am excited about what’s ahead. The fact that we are doing it first in the US, here at the Nasdaq is truly amazing. I would like to say today is day zero for Freshworks all over again.”
Confidence in the firm’s ability was also evident from the fact that it upped the pricing of its shares in its initial public offering on Wednesday to $36 apiece.
The shares began trading on the Nasdaq Global Select Market under the symbol “FRSH”, and the offering is expected to close on September 24, subject to customary closing conditions.