In its Nasdaq debut Shares opened on Wednesday, up 21% above the IPO price, reflecting strong demand from firms that have thrived during the pandemic.
Salesforce opened at $43.50 per share compared to rival’s stock
$36. IPO price of.
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 as companies increasingly adopt the hybrid work model, driven by demand for such products. have increased.
The San Mateo, California-based company, which launched from Chennai in India, 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. .
established by Girish Mathrubootham and Shan Krishnasamy, FreshWorks raised its first fund in 2011, and the same year Atwell College in Australia got its first client. Venture capital firm Accel and New York-based technology investment giant Tiger Global Management were early investors in the company.
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Freshworks has become the first Indian software products company to be listed on Nasdaq, raising over $1.03 billion from investors through its initial public offering at a market cap of $10.13 billion.
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FreshWorks said its technology is used by more than 50,000 companies, including high-profile names such as Delivery Hero SE, Swedish payments firm Klarna, Cisco Systems Inc. and General Electric Co.
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Price your IPO above the top end of the range to raise $1.03 billion. It previously raised its price range, aiming to sell 28.5 million shares at $32-34. Morgan Stanley, JP Morgan and BofA Securities were the principal underwriters for the offering.