Freshworks IPO gets more Indians to enter US markets

CHENNAI: As the first Indian products company to list on the Nasdaq, software-as-a-service (SaaS) firm Freshworks saw Indian investors put over $600,000, or Rs 5 crore, in the first two days of the IPO on platforms like Stockal, Vested Finance and Scripbox.
This is besides the euphoria on social media that made ‘FRSH’ the top trending stock in terms of buys and search volumes last week, beating the likes of Tesla and Microsoft. A large number of first-time investors from India — mainly techies and those part of the startup community — also created new accounts to invest in Freshworks, it is learnt.
Vested Finance co-founder and CEO Viram Shah said that in the run-up to the listing, investment inquiries soared and over Rs 2 crore has been invested in the Freshworks stock till date, and it has been the number one stock on the platform in the first three days of listing. There was also a 50% hike in new accounts opened by users, primarily to invest in Freshworks. “We saw similar interest when companies like Coinbase and Airbnb recently listed on the Vested platform. FRSH is 2x more popular than Robinhood three days after listing,” Shah said.
Calls across support platforms enquiring about investing in Freshworks were up 30-40% on the day the company listed, Stockal co-founder & CEO Sitashwa Srivastava said. Over $300,000 has been invested in the Freshworks stock and almost 70% of investors are those belonging to the tech sector — a large majority from the southern region of Bengaluru, Chennai and other cities, he added. “At least 2% of Stockal’s total user base could be invested in Freshworks currently,” he said.
Scripbox chief business officer Prateek Mehta said the search volume for Freshworks has seen a huge surge, and given it’s only been three days, he expects more people will discover it soon and it eventually will perform better.

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