Software Firm Freshworks Jumps 32% After $1 Billion IPO (1)

Freshworks Inc. rose 32% after raising $1 billion in an initial public offering priced above a marketed range.

Shares of the software company closed at $47.55 Wednesday in New York trading, giving it a market value of $13 billion. Accounting for employee stock options and restricted stock units, Freshworks would have a fully diluted value of more than $14 billion.

The potential competitor to far larger Salesforce.com Inc. was valued at $3.5 billion in a 2019 funding round. Freshworks sold 28.5 million shares Tuesday for $36 each after marketing them for $32 to $34, a target that the company had ...