Workday Raises $637 Million In IPO
Workday’s stock has skyrocketed by as much as 73% today after raising around $637 million in their initial public offering. Workday is a human resources program.
Workday’s shares climbed 68% to $47.05 as of 9:56AM in New York after jumping to as high as $48.49 earlier in the day. Workday sold 22.8 million shares at $28 each.
Workday’s HR software can be accessed through web browsers, tablets, and smartphones. It is used by over 340 customers using a cloud-based model. Morgan Stanley and Goldman Sachs managed Workday’s IPO. Morgan Stanley and Goldman Sachs Group Inc. managed the offering. At the price of the IPO, Workday had a market value of $4.5 billion. The company is trading on the NYSE under the ticker “WDAY.”
Greylock Partners had an 11% stake in the company and they did not plan to sell shares in the IPO. New Enterprise Associates also planned to keep their 10% stake. Workday was founded by co-CEOs Dave Duffield and Aneel Bhusri.@amitchowdhry or on Google+ at +AmitChowdhry