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

Chennai and San Mateo-based SaaS startup Freshworks has 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 release shared by the statement.

Freshworks Founder and CEO, Girish Mathrubootham, a huge fan of Tamil superstar Rajnikant, 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.

Freshworks CEO Girish Mathrubootham

According to a statement, the company 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 that it recorded nearly 53 percent increase in revenue due to a surge in customers which stood at 52,500, as of June 30, 2021. Its total revenue for the financial quarter ending June 2021 was $168.9 million against $110.5 million in the corresponding quarter of 2020. The losses for Freshworks reduced to $9.8 million from $57 million a year ago.

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