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Business software company Freshworks valued at $1.13bn

Business software company Freshworks valued at $1.13bn

Mubasher: Business software company Freshworks has priced its US initial public offering (IPO) above the target range to raise $1.03 billion, valuing the company at $10.13 billion, as hybrid work drives demand for enterprise software products, Reuters reported.

A total of 28.5 million shares have been priced at $36 apiece, compared to a previous valuation range of $32 to $34 as it had expected to raise $969 million. 

Established in India in 2010, Freshworks provides customer management products, including a messaging platform, an artificial intelligence-powered (AI) chatbot for customer support, and call-centre solutions with shorter wait times.

The shares of the business software firm will start trading on the Nasdaq on Wednesday under the symbol "FRSH".

Morgan Stanley, J.P. Morgan, and BofA Securities acted as the lead underwriters for the IPO.