freshworks share sale, freshworks, freshworks esops, girish mathrubootham, freshworks share price, freshworks listing
ETtech

Freshworks CEO Girish Mathrubootham. Freshworks had a blockbuster listing on Nasdaq in September.

Bengaluru: Freshworks Inc. has initiated a share sale worth more than $500 million to allow top executives — including cofounder and chief executive Girish Mathrubootham — and employees to cash out post the company’s blockbuster listing on Nasdaq in September.
The development comes as the mandatory lock-in period after the IPO ends, allowing shareholders to sell up to 20% of their stake in the company. It also marks among the largest payouts in Indian startup history, second only to the $800 million that Walmart Inc. offered to Flipkart employees for their shares in 2018.
Freshworks on November 4 notified the US Securities and Exchange Commission (SEC) of its plans to sell 13.6 million of its Class A common stock to over 3,300 shareholders, adding that it would not receive any proceeds from the sale of shares whenever they are sold.
The filing revealed that Mathrubootham will cut his stake in Freshworks to 5.1% from 6%, offering up 2.4 million shares in the company. Freshworks CFO Tyler Sloat will offer around 450,000 shares, while CPO Srinivasagopalan Ramamurthy and CRO Jose Morales will offer around 300,000 shares each.
The offering follows Freshworks’ Q3 earnings announcement, the first since listing. Its revenue grew 46% over the year-ago period to $96.6 million in the three months ended September 30, though loss came in at 4 cents per share. Still, the company beat analyst estimates for revenue and earnings by a large margin. According to analyst estimates compiled by Refinitiv, Freshworks’ revenue was expected at $90.8 million and loss at 10 cents per share.
“Except for the management team or the affiliated parties like board members, everybody else is unlocked to 20% of their vested holdings,” Mathrubootham had told ET last week. “But not everything is going to probably come to the market, because a lot of our investors are going to hold.” He had previously said that the share sale was “Happy Diwali” for Freshworks employees.

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freshworks share sale, freshworks, freshworks esops, girish mathrubootham, freshworks share price, freshworks listing

Meanwhile, the San Mateo- and Chennai-based SaaS firm has raised revenue forecasts for the fourth quarter and for the full year. It expects Q4 revenue to be in the range of $99 million to $101 million and $364.5 million to $366.5 million for the entire year. The company follows January-December as its financial year.

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