Freshworks Inc on Monday raised its target price range for an IPO in the United States, which could push the software company’s valuation for business and customer loyalty to nearly $ 9.6 billion.
The San Mateo, California-based company expects to raise $ 969 million on the high end of its new price range of $ 32 to $ 34 per share, up from $ 28 to $ 32 per share previously.
Reuters reported in April that Freshworks, which competes with Salesforce.com Inc., could be valued at around $ 10 billion on a stock market debut. Freshworks’ technology is used by more than 50,000 companies in 120 countries, including high profile names like Delivery Hero SE, Vice Media and the Swedish payment company Klarna.
Morgan Stanley, JP Morgan and Bofa Securities are the lead underwriters for the Freshworks offering. Freshworks, which was launched from the southern Indian city of Chennai, is listed on the Nasdaq under the symbol “FRSH”, according to an official filing.