Freshworks (FRSH) IPO Opens 21% Higher, Valuing CRM Player Over $12B
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(Updated - September 22, 2021 12:09 PM EDT)
Today's IPO for CRM player Freshworks (NASDAQ: FRSH) opened for trading at $43.50 after pricing 28,500,000 shares at $36 per share, above the expected $32-$34 range.
The opening price values Freshworks at ~$12.3 billion.
Morgan Stanley, J.P. Morgan and BofA Securities are acting as lead book-running managers for Freshworks IPO. Jefferies and Barclays are acting as book-running managers for the offering. Baird, Canaccord Genuity, JMP Securities, Needham & Company, Wolfe | Nomura Strategic Alliance, Oppenheimer & Co., Piper Sandler, Raymond James, AmeriVet Securities, CastleOak Securities, L.P., Ramirez & Co., Inc., R. Seelaus & Co., LLC, are acting as co-managers for the offering.
Freshworks total revenue was $172.4 million and $249.7 million in the years ended December 31, 2019 and 2020, respectively, representing a year-over-year growth rate of 45%. Total revenue was $110.5 million and $168.9 million in the six months ended June 30, 2020 and 2021, respectively, representing an increase of 53% year-over-year.
The company incurred operating losses of $29.7 million and $56.1 million in the years ended December 31, 2019 and 2020, respectively, and net losses were $31.1 million and $57.3 million in the years ended December 31, 2019 and 2020, respectively. Freshworks incurred operating losses of $52.8 million and $8.2 million in the six months ended June 30, 2020 and 2021, respectively, and net losses were $57.1 million and $9.8 million in the six months ended June 30, 2020 and 2021, respectively.
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Create E-mail Alert Related CategoriesHot IPOs, IPOs, Momentum Movers, Trader Talk
Related EntitiesJPMorgan, Raymond James, Morgan Stanley, Jefferies & Co, Robert W Baird, Needham & Company, JMP Securities, Barclays, Nomura, Canaccord Genuity, IPO
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