Salesforce rival Freshworks raises $1.03B in US IPO, valued at $10.13B
Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday
Fox Business Flash top headlines for September 21
Check out what's clicking on FoxBusiness.com.
NEW YORK - Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.
Stocks In This Article:
Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.
SALESFORCE BILLIONAIRE CEO SAYS HE'LL MOVE WORKERS OUT OF TEXAS DUE TO ABORTION LAW
San Mateo, California-based Freshworks joins a number of big names from the enterprise software business that have taken advantage of red-hot U.S. capital markets over the past 18 months.
Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.
Most software IPOs during that period have been well-received by investors who see room for growth in the sector even after the pandemic, as the adoption of hybrid work models by companies across the world drive up demand for enterprise software products.
Founded in Chennai, India, in 2010, Freshworks helps businesses with customer management, offering products including a messaging platform, an artificial intelligence-powered chatbot for customer support and call-center solutions that promise shorter wait times.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Freshworks shares are scheduled to start trading on the Nasdaq on Wednesday under the symbol "FRSH."