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Workday (WDAY) IPO Opens 72% Higher

October 12, 2012 9:56 AM EDT Send to a Friend
The IPO for Workday, Inc. (NYSE: WDAY) opened at $48.05 after pricing 22,750,000 shares at $28, above the expected $24-$26 range.

Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as lead joint book-running managers for the offering, and Allen & Company LLC and J.P. Morgan Securities LLC are acting as book-running managers for the offering. Cowen and Company, LLC, JMP Securities LLC, Pacific Crest Securities LLC, Wells Fargo Securities LLC and Canaccord Genuity Inc. are acting as co-managers for the offering.

Workday is a provider of enterprise cloud-based applications for human capital management (HCM), payroll, financial management, time tracking, procurement and employee expense management.

For its fiscal years ended December 31, 2009, December 31, 2010 and January 31, 2012, our revenues were $25.2 million, $68.1 million, and $134.4 million, respectively, representing year-over-year growth in revenues of 170% and 98% for our two most recent fiscal years. Workday incurred net losses of $49.9 million, $56.2 million and $79.6 million for the fiscal years ended December 31, 2009, December 31, 2010 and January 31, 2012, respectively.




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