Business software firm FreshWorks Inc got off to a great start on the Nasdaq exchange on Wednesday after its billion-dollar IPO. With this, the company becomes the first Indian ‘SaaS’ company and the first unicorn to be listed on the exchange.
The firm had priced its US initial public offering (IPO) well above the target range to raise $1.03 billion, valuing its Salesforce.com rival at $1.13 billion, as demand for hybrid work fuels for its products .
The company, backed by Accel and Sequoia Capital, said Tuesday that FreshWorks has acquired 28.5 million shares worth $36 per share. Earlier it was expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.
“Today is like a dream come true for me – from humble beginnings in #Trichy to ringing the bell on @Nasdaq for the FreshWorks IPO. Thank you to our employees, customers, partners and investors for believing in this dream. #Freshworks #IPO #NASDAQ,” tweeted founder and CEO Girish Mathrubootham.
San Mateo, Calif.-based FreshWorks joins several big names from the enterprise software business that have taken advantage of red-hot US 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 around the world increases demand for enterprise software products. She goes.
Founded in 2010 in Chennai, India, FreshWorks helps businesses with customer management, offering products including a messaging platform, an artificial intelligence-powered chatbot for customer support, and a call-center solution that promises reduced wait times. does.
FreshWorks shares are scheduled to begin trading on the Nasdaq on Wednesday under the symbol “FRSH.”
Morgan Stanley, JP Morgan, BofA Securities are the principal underwriters for this offering.
with agency input
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