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Freshworks sets IPO terms, to be valued at up to $8.9 billion

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Freshworks Inc.
FRSH,

has set terms of its initial public offering, as the California-based customer experience and IT service management software company looks to raise up to $912.0 million and be valued at up to $8.91 billion. The company is offering 28.5 million Class A shares in the IPO, which is expected to price between $28 and $32 a share. The company expects to have a total of 278.31 million Class A and Class B shares outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol “FRSH.” Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters. The company recorded a net loss of $391.7 million on revenue of $168.9 million for the six month ended June 30, after a loss of $159.3 million on revenue of $110.5 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 6.8% year to date, while the S&P 500
SPX,
-0.77%

has advanced 18.7%.

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