Freshworks Inc. raised roughly $1 billion in an IPO, priced the stock above a marketing range it had already raised earlier this week. According to a statement confirming an earlier story by Bloomberg News, the company sold 28.5 million shares Tuesday for $36 each after selling them for $32 to $34. Freshworks on Monday raised the anticipated range from $28 to $32 in what was already slated to be one of the largest IPOs on a U.S. exchange this week.

Freshworks has a market value of $10 billion, based on outstanding shares stated in the company’s filings with the US Securities and Exchange Commission. The company’s fully diluted valuation would be more than $11 billion after accounting for employee stock options and restricted stock units. In a 2019 investment round, the potential challenger to significantly larger Salesforce.com Inc. was valued at $3.5 billion.

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Freshworks saw a 40% increase in revenue last year after the coronavirus epidemic spurred firms to go digital, and revenues are expected to continue to rise in the first half of 2021, while the company’s net loss narrows. With 52,500 clients, the company’s sales increased to $169 million in the first half of this year, up from $110 million in the first half of 2020. According to the company’s papers, its net loss decreased to $9.8 million from $57 million a year before.

Freshworks began in India and later relocated to Silicon Valley in order to be closer to its consumers. Freshworks creator Girish Mathrubootham compared the program to the iPhone in filings with the US Securities and Exchange Commission, stating that firms shouldn’t have to rely on several tools to communicate with customers.

Accel India and Tiger Global Management affiliates each own more than a fifth of the company’s Class B shares.  are leading the IPO. Freshworks stock is expected to start trading on the Nasdaq Global Select Market on Wednesday under the symbol FRSH. -Bloomberg

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