Business software company targeting small and medium-sized businesses Freshworks Inc. (FRSH) has just concluded its United States initial public offering (IPO) from which it raised a whopping $1.03 billion leaving the company sitting on a market valuation of $10.13 billion.
In the IPO, Freshworks sold 28.5 million shares with each share going for $36. The company had earlier given a share price target range of $32 to $34 for the IPO this would have left the company with a market valuation of $696 million.
Shares of the company will start trading on NSADAQ on September 22 under the ticker symbol ‘FRSH’.
The company selected JPMorgan Chase& Co. (JPM), BofA Securities and Morgan Stanley (MS) to serve as its lead underwriters in the initial public offering.
Over the last one and a half years, United States stock markets have been going wild. Many companies including high profile names in the business software industry have been capitalizing on the capital markets.
Many investors have making pumping major investments in the stocks markets hoping to reap big after the pandemic.