Freshworks, which provides a cloud-based customer support platform, announced terms for its IPO on Monday.
The San Mateo, CA-based company plans to raise $855 million by offering 28.5 million shares at a price range of $28 to $32. At the midpoint of the proposed range, Freshworks would command a fully diluted market value of $9.6 billion.
Freshworks offers Freshdesk, its core customer service software product, and Freshservice, its IT service management product. The company served approximately 52,000 businesses as of June 30, 2021. In the same period, a majority of its annual recurring revenue came from customers with more than 250 employees.
Freshworks was founded in 2010 and booked $308 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol FRSH. Morgan Stanley, J.P. Morgan, BofA Securities, Jefferies, and Barclays are the joint bookrunners on the deal. It is expected to price during the week of September 20, 2021.
