Workiva (WK) IPO Opens Flat

Today's IPO for Workiva (NYSE: WK) opened for trading at $14 after pricing 7,200,000 shares of its Class A common stock at a price to the public of $14 per share, the middle of the expected $13-$15 range.

The underwriters have been granted a 30-day option to purchase up to an additional 1,080,000 shares of Class A common stock from Workiva at the initial public offering price to cover over-allotments, if any.

Triton Research rates Workia 5.98, which is well below the firm's average IPO rating of 6.57.

Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. Robert W. Baird & Co, Raymond James & Associates, Inc., and Stifel are acting as co-managers for the offering.

Workiva created Wdesk, a cloud-based platform for enterprises to collect, manage, report and analyze business data in real time. Wdesk includes a sophisticated productivity suite for business data collaboration and reporting that is used by thousands of corporations, including more than 60 percent of the Fortune 500. Wdesk proprietary word processing, spreadsheet and presentation applications are fully integrated and built upon the Workiva data management engine. Wdesk helps reduce enterprise risk and increase productivity with synchronized data, controlled collaboration, granular permissions and a full audit trail. This gives users confidence to make decisions with real-time data. Workiva employs more than 900 people with offices in 15 cities. The company is headquartered in Ames, Iowa.

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