According to a regulatory filing by Freshworks Inc on Monday, the business and customer engagement software company is looking for a valuation of roughly $9 billion in a US initial public offering.
The company, which competes with Salesforce.com Inc (CRM.N), announced that it would offer 28.5 million shares for $28 to $32 each. It will raise $912 million at the top of the range.
The San Mateo, California-based company joins a plethora of other software and technology companies on the list. Market investors have shown great interest in most of these debuts, believing that the companies will gain from the move to hybrid labor that will occur as a result of the epidemic.
Freshworks was founded in 2010 by Girish Mathrubootham and Shan Krishnasamy in the South Indian city of Chennai. It raised its first round of funding in 2011 and signed its first customer, Australia’s Atwell College, in the same year.
Early investors in the company included venture capital firm Accel and New York-based technology investment powerhouse Tiger Global Management.
Freshworks offers a number of tools to assist businesses with customer management, including a messaging platform and a customer service chatbot driven by artificial intelligence.
During its most recent investment round in November 2019, it was valued at around $3.5 billion. It is also backed by Sequoia Capital India and CapitalG. Freshworks’ stock market debut might be worth around $10 billion, according to reports from April. More than 50,000 firms in 120 countries use its technology, including well-known names like Delivery Hero SE (DHER.DE), Vice Media, and Swedish payments provider Klarna. Freshworks’ shares will be traded on the Nasdaq under the ticker symbol “FRSH.”
