‘Dream Come True’: Freshworks Raises $1.03 Bn in US IPO, Valuation Jumps to $10.13 Bn

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Enterprise software program agency Freshworks CEO Girish Mathrubootham on Wednesday mentioned ist itemizing on the US NASDAQ inventory trade is a is a dream come true from a humble beginnings in Trichy to the long-lasting bell ringing on the Nasdaq MarketSite.

In a tweet congratulating his staff and companions Mathrubootham mentioned, “Right now is a dream come true for me – from humble beginnings in #Trichy to ringing the bell at @Nasdaq for the FreshWorks IPO. Thanks to our staff, prospects, companions, and traders for believing on this dream.

Enterprise software program agency Freshworks mentioned it had priced its US preliminary public providing nicely above the goal vary to boost $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its merchandise.

Freshworks priced 28.5 million shares at $36 per share, the corporate backed by Accel and Sequoia Capital mentioned on Tuesday. It had earlier anticipated to boost $969 million on the prime finish of its elevated value vary of $32 to $34 per share.

San Mateo, California-based Freshworks joins a lot of large names from the enterprise software program enterprise which have taken benefit of red-hot U.S. capital markets over the previous 18 months.

Most software program IPOs throughout that interval have been well-received by traders who see room for progress within the sector even after the pandemic, because the adoption of hybrid work fashions by corporations the world over drive up demand for enterprise software program merchandise.

Based in Chennai, India, in 2010, Freshworks helps companies with buyer administration, providing merchandise together with a messaging platform, a man-made intelligence-powered chatbot for buyer help and call-center options that promise shorter wait instances.

Freshworks shares are scheduled to begin buying and selling on the Nasdaq on Wednesday underneath the image “FRSH”.

Morgan Stanley, J.P. Morgan, BofA Securities are the lead underwriters for the providing.

(With Reuters inputs)

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