Earlier today, TechCrunch examined the new IPO price range for Toast. The U.S. software-and-fintech company moved its valuation materially higher in anticipation of pricing tomorrow after the bell and trading on Wednesday. It was not alone in doing so.
Freshworks is also targeting a higher IPO price range, it disclosed today in a fresh SEC filing. The customer service-focused software firm now expects to charge between $32 and $34 per share in its debut, up from the $28 to $32 per-share range that it initially disclosed.
Doing some back-of-the-envelope math, Freshworks’ IPO valuation could just pass the $10 billion mark, calculated on a fully diluted basis. Its simple IPO valuations, while rising, are lower than that figure.
Mathing that out, Freshworks expects to have 284,283,200 shares outstanding when public, inclusive of its underwriters’ option, but not inclusive of vested shares present in RSUs or options. At its new IPO price range, Freshworks would be worth between $9.1 billion and $9.7 billion.
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