The US-based law firm Freshworks urged investors with losses of $100,000 to contact the firm, and shareholders to contact the firm by January 3, 2023.
Freshworks was facing challenges at the time of its listing. With investors learning about the company’s true operational position, a portion of its share value eroded, resulting in shareholder losses.
The software-as-a-service (SaaS) company debuted on the Nasdaq in September last year at $36 per share, slightly higher than its IPO issue price range of $32-34, while offering approximately 28.5 million shares for the public offering. During its IPO the company raised approximately $1 billion at a valuation of approximately $10.13 billion. On the Nasdaq, its stock is currently trading at around $12.06.
Freshworks is one of the enterprise software companies that took advantage of the positive sentiment in the US capital market toward public offerings. Most software IPOs were well received by investors who saw room for growth in the sector even after the pandemic.
The US-based company reported its third-quarter revenue this week, reporting a 37 per cent year-on-year increase in consolidated net revenue to $128.8 million, while its operational loss decreased to $58.3 million from $67.4 million sequentially.
Freshworks, which was founded in Chennai, India in 2010, assists businesses with customer management by providing products such as a messaging platform, an artificial intelligence-powered chatbot for customer support, and call-center solutions that promise shorter wait times.
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