Today is a heavy day for IPOs — particularly for software companies making their Wall Street debuts. Freshworks (NASDAQ:FRSH) is one of the newest tech companies vying for its own slice of market share today with its public offering. The FRSH stock IPO will see the firm further the competition between itself and rival Salesforce (NYSE:CRM), and there’s lots you need to know.
Freshworks was founded just over 10 years ago in India, and it has rocketed in value from the very beginning.
In fact, the company calls itself the fastest-growing software-as-a-service (SaaS) startup ever. Now, investors will get to see if Freshworks can walk the walk on Wall Street and continue its rapid growth after listing this afternoon.
Here’s everything you need to know about the much-hyped IPO.
FRSH Stock IPO Pits Newly Public Freshworks Against Rival Software Companies
- Freshworks is a company which uses SaaS to address communication issues between businesses and consumers. The company specializes in multichannel communication platforms, IT management software, automated marketing software and the like.
- Since its founding, the company has been able to capture business from notable clients such as Discover (NYSE:DFS), Sotheby’s and American Express (NYSE:AXP).
- The company is excelling in the new hybrid workplace norm. Freshworks saw a year-over-year revenue increase of 44% between 2019 and 2020.
- In the first half of 2021, Freshworks saw a year-over-year revenue increase of 52%.
- Its continuously improving numbers are helping the company stand out against other business software giants like Salesforce and Zendesk (NYSE:ZEN).
- Freshworks made its filing for public offering in late August.
- Under the ticker symbol FRSH, the company will be trading on the Nasdaq Exchange.
- The company originally filed with the intent to raise $1.03 billion. However, with demand surging for remote work software, Freshworks priced its IPO above the target range. The company is now valued at a whopping $10.13 billion.
- Freshworks ended up pricing 28.5 million shares at $36 each.