you also invest money in Initial Public Offering ie IPO, then this news can be useful for you.
Freshworks IPO: 500 employees of this company open luck, become millionaires
If you also invest money in Initial Public Offering ie IPO, then this news can be useful for you. Actually, these days IPO is out in the market and investors are participating in it with increasing enthusiasm. More than 500 investors became millionaires by investing money in the IPO we are talking about today. We are talking about Freshworks, a business software maker.. Yes! Indian Software-as-a-Service (SaaS) company Freshworks has created a new record. Freshworks has become the first Indian SaaS company whose shares are listed on the US stock exchange. On Wednesday, FreshWorks IPO was listed on the Nasdaq Global Select Market.
Business software firm Freshworks Inc. Chennai and Silicon Valley-based company’s Nasdaq made a bang on the American exchange Nasdaq on Wednesday. More than 500 employees working in this company have become millionaires. Of these, 70 people are below 30 years of age. It is the first Software Age Service (SaaS) and Unicorn company in India to be listed on NASDAQ. More than 4000 employees work in this company of Girish Mathrubhootam.
With a strong listing on Nasdaq, its founder and CEO Girish Matrubutham and early investors Accel and Sequoia have benefited greatly. Along with this, hundreds of employees of the company have also become millionaires.
The company’s market cap at $12.3 billion
Freshworks stock began trading on the Nasdaq on Wednesday at $43.5 per share, which was 21 percent higher than the company’s listing price of $36 per share. This has given the company a market cap of $12.3 billion. Earlier, Freshworks had raised $154 million in funding from investors like Sequoia Capital and Accel two years ago at a valuation of $3.5 billion.
Know what the company said?
In an interview to Moneycontrol, Matrubutham said that our employees are also shareholders of the company. This IPO has given me an opportunity to fulfill my responsibility to the initial shareholders as a CEO. Early investors and employees believed in our vision. My new responsibility is towards the public investors who have invested in the future potential of Freshworks.
More than 500 employees became millionaire
Matrubutham said that 76 percent of the employees of the company have shares. More than 500 Freshworks employees have become millionaires in the country and 70 of them are below 30 years of age. Matrubutham said that the young employees had completed their degree from the college a few years back and have achieved success with their hard work.
NASDAQ index entry
According to the information, the company’s stock entered the Nasdaq index at a price of $ 36, 21 percent above its issue price. With this, the company’s market cap reached above $ 12 billion. Today 76 percent of the employees hold shares in Freshworks. Freshworks CEO Girish Mathrubhumi said on earning money for employees through listing, “I am really happy and proud. I am very happy with this achievement of the company. This IPO gives me an opportunity so far to express my responsibility towards all the employees of Freshworks who have believed in us and contributed to Freshworks over the last ten years.
made possible by the hard work of the employees.
On employees becoming millionaires, Matrubhootham said that more such things need to be done in India. This has been possible due to the hard work of the employees, they deserve it. As the company grew, all these employees contributed to it. I believe that this revenue of the company should be shared with the people who created it. It is not only for the owner of the company to be rich or for the rich of the investors. I am happy that we have done a new experiment and we will continue it’.