Here’s all the latest news from the IPO-bound train of Indian startups.
Freshworks files for $100M US IPO
SaaS unicorn Freshworks has filed for an initial public offering (IPO) in the United States. The California-based company has listed the size of the offering as $100 million.
Launched in 2010 as Freshdesk, Freshworks plans to list itself on the Nasdaq under the symbol "FRSH". The lead underwriters for Freshworks IPO are Morgan Stanley, JPMorgan Chase & Company, and Bank of America.
In a regulatory filing on August 27, Freshworks revealed that it recorded a nearly 53 percent increase in revenue following a surge in customers. Currently, the company has 52,500 customers.
Its total revenue for the financial quarter ending June 2021 was $168.9 million against $110.5 million in the corresponding quarter of 2020. Also, the net loss recorded by Freshworks shrank to $9.8 million from $57 million a year ago, according to the filing.
Backed by Sequoia Capital and Tiger Global Management, Freshworks offers a messaging platform, an artificial intelligence-powered chatbot for customer support, and call centre solutions for customer management.
Ola picks banks for $1 bn IPO, may file DRHP in October
Ride-hailing startup Ola has selected banks including Citigroup and Kotak Mahindra to manage its IPO that could raise about $1 billion, Bloomberg News reported.
Ola has also picked Morgan Stanley for the listing. It could seek a valuation of more than $8 billion in the IPO and could file its DRHP as early as October. Details of Ola’s IPO including size and timeline could still change as deliberations are ongoing, the report added. More banks could be added later.
Ola currently partners with about 1.5 million drivers across 250 cities in India, Australia, New Zealand and the UK. The company raised $500 million from investors, including Temasek and an affiliate of Warburg Pincus, in July.
MapmyIndia charts IPO plan
MapmyIndia, a digital mapping product firm that powers Apple maps, will file draft papers for an initial public offering by August 31, Moneycontrol reported. The company is targeting a Rs 1,000-1,200 crore IPO at a valuation of Rs 5,000-6,000 crore.
The company's IPO will offer an exit to existing investors Flipkart, Qualcomm and Zenrin, a Japanese map publisher.
MapMyIndia is one of the few profitable internet companies that are going for IPO. The company counts top automakers such as BMW, Tata, Honda and Toyota as its clients. It also works with startups such as Ola, PhonePe and cycle-sharing platform Yulu as well as government organisations like the Central Board of Direct Taxes for their mapping product.
Amazon-backed Rivian files for IPO
Electric vehicle maker Rivian said it has filed paperwork with regulators for an initial public offering, setting the stage for a blockbuster year-end market debut as it looks to tap into a red-hot IPO market in the US.
Rivian, which counts Amazon, Soros Fund Management and BlackRock among its major investors, will seek a valuation of around $70-80 billion at the time of its initial public offering, sources told Reuters.
At that valuation, Rivian would have a bigger market capitalisation than General Motors, the largest US automaker. But it would still be dwarfed by Tesla that boasts of a market cap of nearly $700 billion and is currently planning to build a pickup truck that would compete with Rivian's version.
The company has raised $10.5 billion since the start of 2019, including $2.5 billion in July this year in a round led by Amazon and Ford Motor. Rivian is also looking to start the production of an electric pick-up and an SUV this year.
(Edited by : Kanishka Sarkar)