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Salesforce Rival Freshworks Aims To Raise Raises $1.03 Bln In U.S. IPO


09/22/2021


Salesforce Rival Freshworks Aims To Raise Raises $1.03 Bln In U.S. IPO
The price of its initial public offering in the United States that will be offered by Freshworks, a business software company, will be well above the range that would be required to raise a fund of $1.93 billion, the company has said.
 
Freshworks, a direct rival of Salesforce, will be valued at $10.13 billion in the post-pandemic world where there is a growing demand for hybrid working.
 
According to Freshworks, 28.5 million shares were priced at $36 per share. The company was backed by Sequoia Capital and Accel. It was previously expecting to raise $969 million at the highest end of its price range, which is $32 to $34 per Share.
 
With this IPO, Freshworks - based in San Mateo, California, joins other big names in the enterprise software industry that have taken advantage the red-hot US capital market over the past 18 month.
 
During that time, most of the software firm IPOs were well received by investors in the market. Investors have expressed confidence in the assumption of these companies having plenty of room for growth in this sector even after the end of the pandemic. This is because many companies around the world are choosing to adopt hybrid work models and hence there is an expected rise in demand for enterprise-level software products to make hybrid work environments successful
 
Freshworks was founded in Chennai, India in 2010. The core business of the company is to help businesses manage customer relationships.
 
Starting Wednesday, shares of Freshworks will trade on the Nasdaq under the symbol "FRSH".
 
The lead underwriters of the offering are Morgan Stanley, J.P. Morgan and BofA Securities.
 
(Source:www.iqstockmarket.com)