The company, which rivals Salesforce.com Inc., said it would sell 28.5 million shares priced between $28 and $32. At the top end of the range, it will raise $912 million.
The San Mateo, California-based firm joins several listings from the software and technology sector. Most of such debuts have seen strong interest from market participants, who expect companies to benefit from the transition to hybrid work post the pandemic.
Founded in 2010 by Girish Mathrubhumi and Shaan Krishnasamy, Freshworks was launched from the South Indian city of Chennai. It raised its first fund in 2011, and in the same year it acquired its first client – ​​Atwell College in Australia.
Venture capital firm Accel and New York-based technology investment giant Tiger were early investors in Global Management Company.
FreshWorks has a suite of products that help businesses with customer management such as a messaging platform and an artificial-intelligence-powered chatbot for customer support.
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It was valued at around $3.5 billion during its last funding round in November 2019. Sequoia Capital India and CapitalG are also its backers.
Reuters
informed of That one stock market debut in April could value FreshWorks at nearly $10 billion.
Its technology is used by more than 50,000 companies in 120 countries, including high-profile names such as Delivery Hero SE, Vice Media and Swedish payments firm Klarna.
Freshworks will list its stock on the Nasdaq under the symbol “FRSH”.
Morgan Stanley, JP Morgan, BofA Securities are the principal underwriters.