Traditional IPOs Dominate Market Activity

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Traditional listings – initial public offerings (IPOs), that is – have dominated the markets in recent days. And the PYMNTS IPO/SPAC Tracker shows that work-related firms and platform announcements stood at 39 so far this year, surpassed only by banks, which are at 52 over the same timeframe. Among the companies making public debuts this past week is Freshworks, which operates as a firm that provides customer management and other services for enterprise clients. The firm started trading on the NASDAQ exchange this week, raising more than $1 billion at a $10 billion valuation. The company’s pricing at $36 was above the stated range of $32 to $34. As noted in this space, for the six-month period that ended June 30, Freshworks generated revenue of $168.9 million, up 53% over the previous year, with a net loss of $9.8 million, compared to a loss of $57.1 million in the same period in 2020. Read also: Freshworks Valued at $10B in Nasdaq Trading Debut Elsewhere, and in evidenc
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