in its Nasdaq debut on Wednesday after shares opened 21% above the IPO worth, indicating sturdy demand for companies which have thrived through the pandemic.
Shares of the Salesforce rival opened at $43.50 apiece in contrast with the
IPO price of $36.
Freshworks joins a wave of listings from the software program and expertise sector, most of which have been welcomed by buyers who see room for progress as corporations more and more embracing the hybrid work mannequin drive up demand for such merchandise.
The San Mateo, California-based firm, launched from Chennai in India, has a collection of merchandise that helps companies with buyer administration, similar to a messaging platform and an artificial-intelligence powered chatbot for buyer help.
Based by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first spherical of funds in 2011 and bought its first buyer, the Atwell School in Australia, in the identical yr. Enterprise capital agency Accel and New York-based expertise funding big Tiger World Administration had been early buyers within the firm.
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Freshworks has grow to be the primary Indian software program merchandise firm to record on Nasdaq, elevating greater than $1.03 billion from buyers by its preliminary public providing at a market cap of $10.13 billion.
Freshworks mentioned its expertise is utilized by greater than 50,000 corporations, together with high-profile names similar to Supply Hero SE, Swedish funds agency Klarna, Cisco Programs Inc. and Common Electrical Co.
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Freshworks’ Nasdaq listing echoes in India’s startup ecosystem
On Tuesday, the corporate
priced its IPO above the highest finish of the vary to boost $1.03 billion. It had earlier raised its worth vary, aiming to promote 28.5 million shares at $32-34 every. Morgan Stanley, JPMorgan and BofA Securities had been the lead underwriters for the providing.
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