Salesforce rival Freshworks raises $1.03 billion in U.S. IPO, valued at $10.13 billion

FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.

Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.