San Mateo’s Freshworks valued at $10.13 billion after raising $1.03 billion in US IPO

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San Mateo’s Freshworks valued at $10.13 billion after raising $1.03 billion in US IPO

Freshworks, the San Mateo, California-headquartered business software start-up, backed by heavy-weight venture capital funds like of Sequoia Capital alongside Accel among others, had priced its US IPO (Initial Public Offerings) at the top end of a target range between $32 to $34 per share, valuing the Chennai, India-borne firm at an elephantine $10.13 billion, a source familiar with the subject-matter had unveiled late on Tuesday on condition of anonymity given the scale of sensitivity of the issue.

On top of that, a press agency report had quoted sources as saying that the California-based business software start-up, founded back in the 2010s, had sold off 28.5 million ADSs (American Depository Shares) at a price tag of $36 per share, well above a revised target range between $32 to $34 per share as beforementioned that had been heightened up from a prior $28 to $32 per share just days before Tuesday’s initial offerings, valuing Freshworks at a whacking $10.13 billion.

Nonetheless, however, the company was expecting to raise a lump-sum of $969 million at an upper end of its revised price range. While being asked over the IPO proceedings, a spokesperson for Fireworks had declined to comment over the subject-matter.

Freshworks valued at $10.13 billion in blockbuster US IPO

In point of fact, Freshworks, the business software start-up, has been the latest to join a string of enterprise software businesses that had been benefitted by the most in a blazing US IPO market over past 1-1/2 years, which appears to be at its strongest in more than half a decade following a dour 2020.

Freshworks shares are due to start off trading on Nasdaq under a ticker symbol “FRSH” on Wednesday.