Salesforce rival Freshworks seeks to raise nearly $912m in US IPO

Freshworks Inc is aiming for a nearly $9 billion valuation in a U.S. initial public offering, according to a regulatory filing by the business and customer engagement software company on Monday.

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 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.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.