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.
The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid/File Photo
NEW YORK, Sept 21 - 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.comFreshworks 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.
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.Morgan Stanley, J.P. Morgan, BofA Securities are the lead underwriters for the offering.
Reporting by Echo Wang in New York and Vishal Vivek in Bengaluru, additional reporting by Aakriti Bhalla in Bengaluru; Editing by Devika SyamnathSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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