Salesforce rival Freshworks raises $1.03B in US IPO, valued at $10.13B
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NEW YORK – Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.
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Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.
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San Mateo, California-based Freshworks joins a number of big names from the enterprise software business that have taken advantage of red-hot U.S. capital markets over the past 18 months.