Workday Sets IPO Terms

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By Trey Thoelcke Published
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Workday Inc., which provides cloud-based human resource software, says it expects to offer 22.75 million Class A shares of common stock in its upcoming initial public offering at an estimated price of $24 to $27 a share. So, the Silicon Valley company will raise up to $546 million in the IPO.

Workday’s Class A and Class B shares are identical, except for voting and conversion rights. Each Class A share is entitled to one vote while each Class B share is entitled to ten votes and is convertible into a Class A share at any time. Co-founders David Duffield and Aneel Bhusri, together with their affiliates, will hold about 67% of the voting rights after the offering.

Shareholders in the company include entities affiliated with New Enterprise Associates. Morgan Stanley and Goldman Sachs were listed as the lead underwriters for the offering. Workday’s Class A shares have been approved for listing on the New York Stock Exchange under the symbol WDAY and are scheduled to be priced on October 11.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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