Freshworks valued at over $12 billion as shares leap in US debut

Mission tool maker Freshworks Inc used to be valued at $12.2 billion in its Nasdaq debut on Wednesday after shares opened 21% above the initial offering price, indicating stable put a query to for corporations which enjoy thrived within the midst of the pandemic.

Shares of the rival opened at $43.50 when put next with the IPO price of $36 per share. Freshworks joins a wave of tech listings this week, because the firm sees bigger put a query to from customers embracing the hybrid work mannequin.

Founded within the Indian city of Chennai, Freshworks has a attach of products that helps corporations with buyer management, equivalent to a messaging platform and a artificial-intelligence powered chatbot for buyer improve.

“Our products are worthy extra relevant on the present time within the post pandemic world”, stated Girish Mathrubootham, chief executive at Freshworks. “Every commerce desires to spend better with their customers by online digital channels, and they also want to permit their employees to assemble commerce from home.”

The itemizing is additionally widely neatly-known by the tech neighborhood in India, who sees Freshworks because the first homegrown tool as a service (SaaS) firm to ride public within the U.S.

“Freshworks could additionally merely be the torchbearer for a full recent technology of entrepreneurs in India. We mediate that there’s embedded product and tech skill and entrepreneurs in every single attach,” stated Sameer Gandhi, partner at Accel, an early investor in Freshworks.

Founded by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first round of funds in 2011 and obtained its first buyer, the Atwell College in Australia, within the an identical year. Its backers encompass Sequoia Capital and Tiger Global Administration.

San Mateo, California-headquartered Freshworks stated it serves extra than 50,000 corporations, along with high-profile names equivalent to Delivery Hero SE, Swedish funds firm Klarna and Cisco Systems.

On Tuesday evening, the firm priced its IPO above the tip end of the differ to cast off $1.03 billion.

Morgan Stanley, J.P. Morgan and BofA Securities had been the lead underwriters for the offering.

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