Workday Soars on First Trading Day

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By Trey Thoelcke Published
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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.

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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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