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- Freshworks IPO Nasdaq Listing News; Over 500 Employees Became Crorepatis
Mumbai32 minutes ago
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Business software maker FreshWorks’s 500 employees have become millionaires in a jiffy. Shares of Freshworks were listed on the US stock exchange Nasdaq. Due to this, the prices of the shares received by the employees suddenly increased. The company has raised $1.03 billion through IPO.
Listing of shares done at a price of $36
Freshworks listed on the Nasdaq on Wednesday at a price of $36 per share. After this, the stock reached a price of $ 48 with a gain of 25%. This increased the company’s market cap to $13 billion. Due to which the prices of the shares received by the employees also increased. The company had sold 2.85 crore shares in the IPO. The price of one share was fixed at $36.
Investors have benefited
The company’s CEO Girish Matrubutham said that this listing has benefited the company’s investors Accel and Sequoia a lot. With this, about 500 employees of the company have become millionaires. He said that the employees and investors of the company trusted us, which has now benefited them. Now I have a new responsibility towards public investors. Because these people have invested in the future prospect of the company. He said that at this time I am feeling like someone feels when Indian wins gold medal in Olympics.
Companies like Freshworks, Infosys, Wipro, HDFC Bank, Dr. Reddy Lab have joined the list. All of them are listed on the Nasdaq Exchange of America. Infosys was first listed on the Nasdaq Exchange in 1999.
76% of employees own shares
Shares are held by 76% of the employees of the company. 76% means 4,300 employees are holding shares. Of the 500 employees who have become millionaires, 70 are below 30 years of age. These employees had joined the company a few years back after completing their college degrees. The company had raised $154 million in November 2019 from investors like Sequoia and Accel at a value of $3.5 billion.
The first Indian software product firm to be listed in the US is
Freshworks is the first Indian software product firm to be listed on the US NASDAQ stock exchange. The company will use the money raised from the IPO for working capital, operating expenses and other expenses. The company will also use some of the money for the acquisition of another company.
The company was started in 2010
Freshworks was established in 2010 in Chennai. Its earlier name was Freshdesk. In 2017 it was renamed to Freshworks. It has more than 52,500 customers. Since the listing of this company, many such companies can now go to foreign markets for listing.