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heyjules
2021-09-14

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Freshworks aims for nearly $9 billion valuation in US IPO

Freshworks disclosed on Monday that it is aiming for a valuation of up to $9 billion in its U.S. ini

Freshworks aims for nearly $9 billion valuation in US IPO

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ShenSiang
·2021-09-14
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If the firm is able to sell its shares at the top range, it will raise $912 million. Freshworks had originally filed paperwork for its IPO in late August, but hadn't disclosed several figures.</p>\n<p>The 11-year-old firm was last&nbsp;valued at $3.5 billion in a financing round in November 2019. The startup considered raising a pre-IPO round earlier this year at a valuation of over $5 billion but decided against it, a person familiar with the matter told TechCrunch.</p>\n<p>Freshworks, which counts Accel, Sequoia Capital India, Tiger Global and CapitalG among its existing investors, develops and offers a variety of business software tools, from CRM to help-desk software. In recent years, it has built an enterprise SaaS platform to give customers a set of integrated business tools and aggressively pursued broadening its products offering.</p>\n<p>The startup, which has applied to list its shares on Nasdaq under the symbol FRSH, serves over 50,000 customers, and its revenue in the first six months of the year grew to $169 million, up from $111 million during the same period last year. At the same time, its net loss dropped to $9.8 million from $57 million a year ago.</p>\n<p>\"First, based on industry research from International Data Corporation (IDC), we believe we have a large addressable market of approximately $120 billion,\" the firm said in an updated S-1 filing on Monday.</p>\n<p>\"Second, based on our internal data and analysis, we estimate the annual potential market opportunity for our products to be $77 billion. [...] We expect our estimated market opportunity will continue to expand as customers onboard more or expand usage of our products, increasing the weighted average ARR per customer for use of our products.\"</p>\n<p>TechCrunch recently spoke with Freshworks co-founder and chief executive Girish Mathrubootham about the business. Mathrubootham is one of the most respected entrepreneurs in India. Along with three friends, Mathruboothamlaunched an $85 million venture fundin late July this year to back early-stage SaaS startups in the world's second-largest internet market.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Freshworks aims for nearly $9 billion valuation in US IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFreshworks aims for nearly $9 billion valuation in US IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-14 10:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/freshworks-aims-nearly-9-billion-122750106.html><strong>Techcrunch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Freshworks disclosed on Monday that it is aiming for a valuation of up to $9 billion in its U.S. initial public offering, in which it is hoping to raise over $800 million.\nThe California-based firm, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/freshworks-aims-nearly-9-billion-122750106.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FRSH":"Freshworks",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/freshworks-aims-nearly-9-billion-122750106.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107379233","content_text":"Freshworks disclosed on Monday that it is aiming for a valuation of up to $9 billion in its U.S. initial public offering, in which it is hoping to raise over $800 million.\nThe California-based firm, which started its journey in India and rivals Salesforce, said it plans to sell 28.5 million shares at a price range of $28 to $32. If the firm is able to sell its shares at the top range, it will raise $912 million. Freshworks had originally filed paperwork for its IPO in late August, but hadn't disclosed several figures.\nThe 11-year-old firm was last valued at $3.5 billion in a financing round in November 2019. The startup considered raising a pre-IPO round earlier this year at a valuation of over $5 billion but decided against it, a person familiar with the matter told TechCrunch.\nFreshworks, which counts Accel, Sequoia Capital India, Tiger Global and CapitalG among its existing investors, develops and offers a variety of business software tools, from CRM to help-desk software. In recent years, it has built an enterprise SaaS platform to give customers a set of integrated business tools and aggressively pursued broadening its products offering.\nThe startup, which has applied to list its shares on Nasdaq under the symbol FRSH, serves over 50,000 customers, and its revenue in the first six months of the year grew to $169 million, up from $111 million during the same period last year. At the same time, its net loss dropped to $9.8 million from $57 million a year ago.\n\"First, based on industry research from International Data Corporation (IDC), we believe we have a large addressable market of approximately $120 billion,\" the firm said in an updated S-1 filing on Monday.\n\"Second, based on our internal data and analysis, we estimate the annual potential market opportunity for our products to be $77 billion. [...] We expect our estimated market opportunity will continue to expand as customers onboard more or expand usage of our products, increasing the weighted average ARR per customer for use of our products.\"\nTechCrunch recently spoke with Freshworks co-founder and chief executive Girish Mathrubootham about the business. Mathrubootham is one of the most respected entrepreneurs in India. Along with three friends, Mathruboothamlaunched an $85 million venture fundin late July this year to back early-stage SaaS startups in the world's second-largest internet market.","news_type":1},"isVote":1,"tweetType":1,"viewCount":456,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":5861404,"commentId":"5861404","gmtCreate":1631587546344,"gmtModify":1663233849641,"authorId":3571199921041604,"author":{"id":3571199921041604,"idStr":"3571199921041604","authorId":3571199921041604,"name":"ShenSiang","avatar":"https://static.tigerbbs.com/1f4f1e93da6d6ca9664728e4cfc578bb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":886628667,"objectIdStr":"886628667","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Done","text":"Done","html":"Done","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0},{"id":5861600,"commentId":"5861600","gmtCreate":1631588522779,"gmtModify":1663233848962,"authorId":3576141127250570,"author":{"id":3576141127250570,"idStr":"3576141127250570","authorId":3576141127250570,"name":"Permapurps","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":886628667,"objectIdStr":"886628667","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Done","text":"Done","html":"Done","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0}],"hasMoreComment":true,"orderType":2}