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    DHER   DE000A2E4K43

DELIVERY HERO SE

(DHER)
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Salesforce rival Freshworks valued at over $12 billion as shares jump in U.S. debut

09/22/2021 | 03:19pm EDT
FILE PHOTO: A man types into a keyboard during a convention in Las Vegas

-Enterprise software maker Freshworks Inc was valued at $12.2 billion in its Nasdaq debut on Wednesday after shares opened 21% above the initial offering price, indicating strong demand for firms that have thrived during the pandemic.

Shares of the Salesforce.com rival opened at $43.50 compared with the IPO price of $36 per share. Freshworks joins a wave of tech listings this week, as the company sees higher demand from customers embracing the hybrid work model.

Founded in the Indian city of Chennai, Freshworks has a suite of products that helps businesses with customer management, such as a messaging platform and an artificial-intelligence powered chatbot for customer support.

"Our products are even more relevant today in the post pandemic world", said Girish Mathrubootham, chief executive at Freshworks. "Every business wants to engage better with their customers through online digital channels, and they want to enable their employees to work from home."

The listing is also widely celebrated by the tech community in India, who sees Freshworks as the first homegrown software as a service (SaaS) company to go public in the U.S.

"Freshworks could be the torchbearer for a whole new generation of entrepreneurs in India. We think that there's embedded product and tech talent and entrepreneurs everywhere," said Sameer Gandhi, partner at Accel, an early investor in Freshworks.

Founded by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first round of funds in 2011 and got its first customer, the Atwell College in Australia, in the same year. Its backers include Sequoia Capital and Tiger Global Management.

San Mateo, California-headquartered Freshworks said it serves more than 50,000 companies, including high-profile names such as Delivery Hero SE, Swedish payments firm Klarna and Cisco Systems.

On Tuesday night, the company priced its IPO above the top end of the range to raise $1.03 billion.

Morgan Stanley, J.P. Morgan and BofA Securities were the lead underwriters for the offering.

(Reporting by Niket Nishant in Bengaluru, Echo Wang and Krystal Hu in New York; Editing by Amy Caren Daniel and David Gregorio)

By Krystal Hu, Echo Wang and Niket Nishant


ę Reuters 2021
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Financials
Sales 2021 5 913 M 6 859 M 6 859 M
Net income 2021 -1 425 M -1 654 M -1 654 M
Net Debt 2021 1 506 M 1 747 M 1 747 M
P/E ratio 2021 -18,6x
Yield 2021 -
Capitalization 28 597 M 33 176 M 33 173 M
EV / Sales 2021 5,09x
EV / Sales 2022 3,40x
Nbr of Employees 43 838
Free-Float 67,7%
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Number of Analysts 22
Last Close Price 114,60 €
Average target price 162,11 €
Spread / Average Target 41,5%
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L. Niklas Ístberg Chief Executive Officer
Emmanuel Thomassin Chief Financial Officer
Martin Karl Enderle Chairman-Supervisory Board
Christian Graf von Hardenberg Chief Technology Officer
Pieter-Jan Vandepitte COO & Member-Management Board
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