Freshworks initiates $500 million share sale to tap listing gains

Bengaluru: Freshworks Inc. has initiated a share sale worth more than $500 million to allow top executives — including cofounder and chief executive Girish Mathrubootham — and employees to cash out post the company’s blockbuster listing on Nasdaq in September.

The development comes as the mandatory lock-in period after the IPO ends, allowing shareholders to sell up to 20% of their stake in the company. It also marks among the largest payouts in Indian startup history, second only to the $800 million that Walmart Inc. offered to Flipkart employees for their shares in 2018.