Workday Inc. (NYSE: WDAY) began trading on the New York Stock Exchange today and shares of the enterprise software company soared early. The stock was trading up 73% to $48.50, after pricing at $28 a share, above its proposed range of $24 to $26.
The Pleasanton, Calif.-based company was expected to raise up to $546 million in the IPO, based on it initial price range. Workday’s Class A shares began trading today. Net proceeds from the initial public offering are intended to be used for working capital and other general corporate purposes. In addition, a portion of the net proceeds may be used for acquisitions of complementary businesses, technologies or other assets.
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 continued to hold about 67% of the voting rights after the offering.
Morgan Stanley and Goldman Sachs are leading the offering, but the underwriting syndicate is huge: Allen & Co., J.P. Morgan, Cowen & Co., JMP Securities, Pacific Crest, Wells Fargo and Canaccord Genuity.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
