The IT sector company Freshworks has been listed on the Nasdaq Stock Exchange of the US. With this, it has become the first Indian Software as a Service (SaaS) company to be listed in the US market.
Over 500 employees now millionaires: Freshworks launched an initial public offering (IPO) prior to listing. The investors who placed bets in this IPO have made tremendous profits with the listing on the stock exchange. Thanks to the stellar launch of FreshWorks, the company now has over 500 millionaires in India, with nearly 70 of them under the age of 30. Shares of the tech firm closed Wednesday at $47.55 in New York trading, bringing its market cap to $13 billion.
India’s IT company changed its fortunes, 500 people became millionaires in one stroke
Started in 2010: Freshworks was founded in India in 2010 by Girish Mathrubhumi and Shaan Krishnasamy in Chennai. This company moved to Silicon Valley. However, the company has a substantial workforce in Chennai. Freshworks has 4,300 employees globally and 76 percent of its employees hold shares in the company.
Tremendous benefit of waiting: 216 crores made of 6 lakh rupees, rich in 9 years
Let us tell you that Freshworks had set a target of raising $ 912 million in the US through IPO. In a notice sent to the US Securities and Exchange Commission (SEC), Freshworks Inc. said it plans to offer 28.5 million Category A common shares at a maximum price of $32 per share.