Freshworks, a customer engagement software company, recently went public with an initial public offering (IPO) of Class A common stock at $36 a share, raising the price from $32 earlier this week in response to investor interest.
The technology unicorn’s IPO was listed on NASDAQ under the ticker FRSH, becoming the first publicly traded B2B software-as-a-service (SaaS) company on the stock market. The company plans to raise $1.02 billion in its IPO and sell 28.5 million shares by the end of the week at a valuation of $10 billion. Freshworks will allow underwriters to purchase additional shares at the IPO price.
In an interview with Forbes, CEO Girish Mathrubootham explained that the success of Freshworks’ IPO highlights the relevance of SaaS technology in modern marketing, and will allow the company to expand its product offering to India and other markets looking to improve their customer engagement.
“Our mission is very clear,” said Mathrubootham. “We want to make it fast and easy for every business to delight their customers and their employees. We truly believe that the world of CRM technology needs a refresh, pun intended.”
The public offering is set to close on Friday, Sept. 24, 2021, with Morgan Stanley, J.P. Morgan and Bank of America Securities serving as its lead-book managers.
