Freshworks raises U.S. IPO price vary, targets nearly $10 bln valuation

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Sept 20 (Reuters) – Freshworks Inc on Monday raised its goal price vary for a U.S. preliminary public providing, which may deliver up the valuation of the enterprise and buyer engagement software program firm to nearly $9.6 billion.

The San Mateo, California-based firm expects to lift $969 million on the prime finish of its new price vary of $32 to $34 per share, up from $28 to $32 per share earlier.

Reuters reported in April that Freshworks, which competes with Salesforce.com Inc (CRM.N), may very well be valued at round $10 billion in a inventory market debut.

Freshworks’ know-how is utilized by greater than 50,000 corporations in 120 international locations, together with high-profile names similar to Delivery Hero SE (DHER.DE), Vice Media and Swedish funds agency Klarna.

Morgan Stanley, J.P. Morgan and Bofa Securities are the lead underwriters for the Freshworks providing.

Freshworks, which was launched from the South Indian metropolis of Chennai, will listing on the Nasdaq below the image “FRSH”, a regulatory submitting showed.

Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli

A man types into a keyboard during a convention in Las Vegas, Nevada, U.S. on July 29, 2017. REUTERS/Steve Marcus/File Photo