Salesforce Rival Freshworks Shares Jump In U.S. Debut

Share post:

Freshworks Inc, an Indian-based maker of enterprise software, was valued at $12.2 billion in its Nasdaq debut on Wednesday after its shares rose 21% above the initial offer price, suggesting strong demand for companies that thrived during the pandemic.

The rival opened with shares priced at $43.50 compared to the IPO price of $36 a share. Freshworks is part of a wave of tech listings this week as the tech company predicts strong demand from customers who are adjusting to the hybrid work model.

Founded in Chennai, Freshworks has a range of products that support customer management companies, including a messaging platform and an artificial intelligence chatbot specifically designed for customer service.

The listing is also a cause for celebration in the Indian tech community, which sees Freshworks as the first domestic software as a service (SaaS) tech firm to go public in the U.S.

Founded by Girish Mathrubootham and Shan Krishnasamy, Freshworks raised its first round of funding in 2011 and also won its first client, Atwell College in Australia in 2011. Backers include Sequoia Capital and Tiger Global Management.

Headquartered in <meta charset=”utf-8″>San Mateo, California, Freshworks said its customers include more than 50,000 companies, with high-profile names such as Delivery Hero SE, Swedish payment service provider Klarna and Cisco Systems.

On Tuesday night, the tech company priced its IPO at the top end, raising $1.03 billion.

For more information, read the original story in Reuters.


Related articles

84% of PC users unwilling to pay extra for AI features?

A recent poll conducted by the site TechPowerUp has revealed a significant trend among PC users: a strong...

Microsoft lays off DEI team

Microsoft has laid off its internal team dedicated to diversity, equity, and inclusion (DEI), a move that has...

Australian Craig Wright finally forced to concede he did not invent Bitcoin

Australian Craig Wright has finally conceded that he is not the mysterious inventor of Bitcoin, Satoshi Nakamoto, following...

FBI rapidly hacks into Trump shooter’s phone, raises privacy concerns

Just two days after the attempted assassination at a Trump rally, the FBI announced it had gained access...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways