Freshworks said it was seeking a valuation of nearly $9 billion in its initial public offering in the United States. The customer and business software company, Salesforce’s biggest competitor, said it would sell 28.5 million shares at $28-$32, considering the highest price for the mentioned field, Freshworks will raise approximately $912 million.
Freshworks will join the wave of IPOs in the software and technology companies sector. Most of the similar IPOs have received great interest from market shareholders who expect that these companies will benefit from the transition to a hybrid business model after the pandemic, as the early investors in FreshWorks Cam were venture capital firm Accel and technology investment giant Tiger Global Management, as well as Sequoia Capital India and CapitalG.
The company has a suite of software products that help business projects manage transactions and communicate with customers as a messaging platform and an AI-powered chatbot to help respond to customers, and its technologies are used by more than 50,000 companies in nearly 120 countries around the world, including such prominent companies as Delivery Hero, Vice Media and Swedish payments company Klarna.
It is noteworthy that the valuation of Freshworks reached 3.5 billion dollars during the last financing round in November of 2019, and the company published its IPO report late last month, in which it indicated that its revenues had volatilized by 53%. To read more [Sales Rival Freshworks Reveals Revenue Rise In IPO file].
Freshworks will be listed on the Nasdaq Index under the “FRSH” logo, and Morgan Stanley, JPMorgan and Bofa Securities will be the primary guarantors of the subscription.