Freshworks files for $100M IPO, special mention for Rajinikanth in filings

Chennai and San Mateo-based SaaS startup Freshworks announced that it has filed the initial documents for a $100-million IPO in the US. With this listing, Freshworks intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “FRSH,” according to a statement by the company.

Freshworks Founder and CEO Girish Mathrubootham, a huge fan of Tamil superstar Rajinikanth, had a special mention for his 'Thalaiva' in the regulatory filing, saying the code name for the IPO was Project SuperStar.

"I want to express my love and gratitude to him for being my maanaseega guru. There is no comparable English word to express what this means. It is a mentor; a role model that lives in your mind, from whom you learn a lot by watching from afar. SuperStar is a man who is loved and worshipped by millions of fans globally. He is immensely successful yet humble and down to earth. Thank you, Thalaivaa!" wrote Girish in the postscript of the filing.

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According to a statement, Freshworks has "publicly filed a registration statement on Form S-1 with the US Securities and Exchange Commission relating to a proposed initial public offering of its Class A common stock".

The number of shares to be offered and the price range for the proposed offering have not yet been determined, it added. Morgan Stanley, J.P. Morgan and BofA Securities will act as lead book-running managers for the proposed offering.

The SaaS major, in its filing, revealed its LTM (Last Twelve Months) revenue was $308 million, recording a 49 percent increase. Further, its LTM losses have narrowed to $10 million.

Freshworks says its total customers are at 52,500, as of June 30, 2021.

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