Services
Another Tech IPO in the Hopper (GOOG, KMB, FLEX, ORCL, SAP, PANW, NOW, SPLK)
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Business software maker Workday Inc. has filed an initial Form S-1 saying it plans an initial public offering to raise up to $400 million. No date or share price is included in this filing, nor does the company indicate a stock ticker symbol.
The company is based in Pleasanton, Calif., and claims 1,450 employees. Workday just added Google Inc. (NASDAQ: GOOG) as a customer of its cloud-based personnel management systems, according to a report from Bloomberg. In its filing the company claims to have 325 customers, including Kimberly-Clark Corp. (NYSE: KMB) and Flextronics International Ltd. (NASDAQ: FLEX).
Workday was founded in 2005 by former employees of PeopleSoft, which was acquired for about $10 billion by Oracle Corp. (NASDAQ: ORCL) in that same year. Workday competes with Oracle, SAP AG (NYSE: SAP) and other established vendors of business and enterprise software for managing human relations and payroll functions.
Other recent enterprise IPOs include Palo Alto Networks Inc. (NYSE: PANW) and ServiceNow Inc. (NYSE: NOW), both of which are trading above their IPO prices, and Splunk Inc. (NASDAQ: SPLK), currently trading down about 9%.
Principal Workday shareholders include the company’s officers and directors and venture firms Greylock Partners and New Enterprise Associates. Shares outstanding as of July 31st totaled 137.54 million, assuming all preferred stock is converted to class B common stock.
Following the IPO the company expects that its total authorized capital stock will total 1 billion shares, including 750 million shares of class A common stock, 240 million shares of class B common stock, and 10 million shares of preferred stock. Class B shares receive 10 votes per share, while class A shares get 1 vote per share. The class B shares will be held by approximately 630 shareholders. As of July 31, no class A shares are outstanding.
The two cofounders together own a total of about 100 million class B shares, with David Duffield a cofounder and co-CEO, owning 73.46 million class B shares by himself.
Lead underwriters for the offering include Morgan Stanley and Goldman Sachs.
The full filing is available here.
Paul Ausick
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