Freshworks is expected to go for its Nasdaq listing today with the agenda of raising over USD 1Bn, following which it will be the first Indian software company to go for an American listing. Following this, it is expected that the valuation of the company will reach over USD 10 Billion. The previous week, Freshworks had informed the US Securities and Exchange Commission that it was targeting a price range of $28-$32 for its share price in the IPO.
The Chennai founded startup located in San Mateo-based plans to sell USD 28.5 Mn shares at a price of USD 36 each, the company said in a press release on Wednesday. This is up from $32-$34 the company announced earlier indicating strong investor interest. This listing comes at a time when tech ventures like Zoom, Snowflake, etc have been extremely well received in the American market, especially after the onslaught of Covid 19. Freshworks reported $169 million in the six months up to June 30, 2021, which is 53% boost in its revenues compared with $110 million recorded during the same time period in 2020.
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