Salesforce rival Freshworks valued at over $12 billion as shares jump in U.S. debut

Enterprise software maker Freshworks Inc was valued at $12.2 billion in its Nasdaq debut on Wednesday after shares opened 21% above the initial offering price, indicating strong demand for firms that have thrived during the pandemic.

Shares of the Salesforce.com rival opened at $43.50 compared with the IPO price of $36 per share. Freshworks joins a wave of tech listings this week, as the company sees higher demand from customers embracing the hybrid work model.

Founded in the Indian city of Chennai, Freshworks has a suite of products that helps businesses with customer management, such as a messaging platform and an artificial-intelligence powered chatbot for customer support.