Freshworks to raise $912 million in US IPO

Freshworks IPO

New Delhi, Sep 13 (PTI) Technology firm Freshworks will raise $912 million in the US through an initial public offering (IPO).The San Mateo, California-headquartered Software as a Service (SAAS) company was founded in 2010 by Girish Matrubootham and Shan Krishnasamy in ChennaiIn a notice sent to the US Securities and Exchange Commission (SEC), Freshworks Inc. said it plans to offer 28.5 million Category

A common shares at a maximum price of $32 per share. The Company proposes to list Category A ordinary shares with the mark 'FRSH' on the NASDAQ Global Select Market.The Court referred to the report of the Parliamentary Standing Committee on Finance.  It has been said in this report that 71 percent cases are pending before NCLT for more than 180 days. 

This is not in line with the original intent and timelines of the Corporate Insolvency Resolution Process (CIRP).A bench of Justices DY Chandrachud and MR Shah asked the NCLT and NCLAT to be sensitive to such delays. The apex court said, "Prior to the Insolvency and Bankruptcy Code (IBC), judicial delay was the main reason for the failure of the insolvency system. 

We do not want the same situation with the current insolvency system."The Supreme Court has given this 190-page decision to Ebix Singapore Pvt Ltd.  dismissing the petition.  Ebix had challenged the decision of the National Company Law Appellate Tribunal (NCLT) on a petition by the committee of creditors of Educomp.  The NCLAT had set aside the NCLT's decision to allow the withdrawal of Ebix's resolution plan.Apart from this, the top court has given this decision in response to the petition of two other companies on the same issue.  These companies had also raised the issue of the right to withdraw or rectify the resolution plan under the IBC

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