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OUR PRIVACY AND COOKIE POLICY

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Freshworks to raise $1.03 billion in U.S. IPO

written by Bella Palmer
freshworks

Freshworks said on Tuesday that it has priced 28.5 million shares at $36 per share

Software-as-a-service (SaaS) firm Freshworks said it had priced its U.S. initial public offering (IPO) well above the target range to raise $1.03 billion. The initial public offering valued the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.

Freshworks said on Tuesday that it has priced 28.5 million shares at $36 per share. The company counts Accel and Sequoia Capital among its major backers. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.

Freshworks shares are scheduled to start trading on the Nasdaq on Wednesday under the symbol “FRSH.”

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.

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-centre solutions that promise shorter wait times.

The company was founded by Mathrubootham and Shan Krishnasamy as Freshdesk in 2010 and was rebranded as Freshworks in 2017.

Mathruboothamm said: The code name of our IPO was Project Superstar, named after the most successful movie star from Tamil Nadu, Rajnikanth. I want to express my love and gratitude to him for being my maanaseega Guru.

It is the first Indian-born software products startup to list on U.S. stock exchanges.

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

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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