Freshworks files for a $100M IPO in the US

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Freshworks Inc., a SaaS customer engagement solution provider, has filed for an IPO in the United States. The company plans to raise $100M, according to its papers. In the first half of 2021, Freshworks had around 52,500 customers and produced $169M in sales.


Freshworks Inc., a SaaS customer engagement solutions provider, has announced that it has filed for an Initial Public Offering (IPO) in the United States. According to its filings, the company intends to raise $100M.

The Girish Mathribootham-led SaaS company has filed a registration statement on Form S-1 with the US Securities and Exchange Commission with a proposed initial public offering of its Class A common stock. The prospective offering’s number of shares to be issued and price range has yet to be defined. Freshworks plans to float its Class A common stock under the ticker symbol “FRSH” on the Nasdaq Global Select Market.

Morgan Stanley, JP Morgan Chase & Co, and Bank of America are leading the IPO. Freshworks is aiming to list its stock on the Nasdaq Global Select Market under the ticker FRSH.

The prospective offering’s book-running managers will be Jefferies and Barclays. The proposed offering will be co-managed by Baird, Canaccord Genuity, JMP Securities, Needham & Company, Wolfe | Nomura Strategic Alliance, Oppenheimer & Co., Piper Sandler, Raymond James, AmeriVet Securities, CastleOak Securities, L.P., Ramirez & Co., Inc., and R. Seelaus & Co., LLC.

Freshworks has raised approximately $480 million in nine fundraising rounds, according to data platform Crunchbase. Steadview Capital, Accel, CapitalG, Sequoia Capital, Tiger Global Management, and others have invested in the company. In June 2020, the company was valued at $3.5 billion.

Founded by Girish and Shan Krishnasamy as Freshdesk, it began its journey in 2010 as a helpdesk software for customer service. In June 2017, it was rebranded as Freshworks to reflect the company’s expanding software range. 

According to a Business Insider India article, Freshworks has approximately 52,500 customers worldwide and has generated $169 million in revenue in the first half of 2021. The article says that the company’s revenue has increased by about $60 million since the first half of 2020.

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