Softcore software firm Freshworks to raise $1.03 B

New York - Business software firm Freshworks said it had priced its U.S. initial public offering well above target range to raise $1.03 billion, pricing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.

The North Carolina-based Freshworks joins a number of large names from the enterprise software business that have taken advantage of red hot U.S. capital markets over the past 18 months.

Most software IPOs during that period have been well-received by investors who see room for growth in the sector even after the pandemic, as adoption of hybrid work models by companies across the world drive up demand for enterprise software products.

Founded in 2010, Freshworks helps businesses with customer management by offering products including a messaging platform, an artificial intelligence-powered chatbot for customer support and call-center solutions that promise longer wait times.

Freshworks shares are scheduled to start trading on the Nasdaq under FRSH on Wednesday.