Salesforce rival Freshworks valued at over $12 bln as shares climb in debut

The San Mateo, California-based firm had raised its price range, aiming to sell 28.5 million shares between $32 and $34 each.

(Adds IPO raise, underwriters) Sept 22 - Business software company Freshworks Inc's shares opened nearly 21% above the initial public offering (IPO) price in their Nasdaq debut on Wednesday, giving the Salesforce.com rival a valuation of $12.2 billion.

The stock opened at $43.50 per share, compared with its IPO price of $36 per share. Freshworks joins a wave of listings from the software and technology sector, most of which have been welcomed by investors who see room for growth even after the COVID-19 pandemic as more companies embracing hybrid work drive up demand for such products.

On Tuesday, the company priced its IPO $2 above the top end of the range to raise $1.03 billion. The San Mateo, California-based firm had raised its price range, aiming to sell 28.5 million shares between $32 and $34 each. Morgan Stanley, J.P. Morgan and BofA Securities were the lead underwriters for the offering.