Salesforce rival Freshworks valued at over $12 billion as shares climb in debut By Reuters
© Reuters. FILE PHOTO: A man types into a keyboard during a convention in Las Vegas, Nevada, U.S. on July 29, 2017. REUTERS/Steve Marcus
-Business software company Freshworks Inc’s shares opened nearly 21% above the initial public offering (IPO) price in their Nasdaq debut on Wednesday, giving the Salesforce.com (NYSE:) rival a valuation of $12.2 billion.
The stock opened at $43.50 per share, compared with its IPO price of $36 per share.
Freshworks joins a wave of listings from the software and technology sector, most of which have been welcomed by investors who see room for growth even after the COVID-19 pandemic as more companies embracing hybrid work drive up demand for such products.
On Tuesday, the company priced its IPO $2 above the top end of the range to raise $1.03 billion. The San Mateo, California-based firm had raised its price range, aiming to sell 28.5 million shares between $32 and $34 each.
Morgan Stanley (NYSE:), J.P. Morgan and BofA Securities were the lead underwriters for the offering.
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