Chennai: As the first Indian product company to be listed on Nasdaq, software-as-a-service (SaaS) company Freshworks has Indian investors over $ 600,000 or Rs.5 billion on platforms in the first two days of its IPO like Stockal. invested, Vested Finance and Scriptbox.
That’s aside from the social media euphoria that made ‘FRSH’ the top trending stock in terms of purchases and search volume last week, beating companies like Tesla and Microsoft. A large number of first-time investors from India – mostly tech geeks and members of the startup community – have also created new accounts to invest in Freshworks, it is said.
Vested Finance Co-Founder and CEO Viram Shah said investment inquiries had skyrocketed ahead of the listing, and over Rs.2 billion had been invested in Freshworks stock to date in the first three days of listing. There was also a 50% increase in new accounts opened by users, mostly to invest in Freshworks. “We saw similar interest when companies like Coinbase and Airbnb were recently listed on the Vested platform. FRSH is twice as popular as Robinhood three days after listing, ”said Shah.
Calls through support platforms inquiring about investments in Freshworks rose 30-40% on the day it was listed, said Stockal co-founder and CEO Sitashwa Srivastava. Over $ 300,000 has been invested in Freshworks stock and nearly 70% of investors are in the technology sector – a large majority from southern Bengaluru, Chennai and other cities, he added. “At least 2% of Stockal’s total user base could be invested in Freshworks right now,” he said.
Scripbox chief business officer Prateek Mehta said the search volume for Freshworks has seen a huge surge, and since it’s only been three days, he anticipates more people will discover it soon and it will eventually do better.