initial public offerings (IPOs) trading on American exchanges

Sunday, October 14, 2012

Workday (WDAY) started trading on the NYSE on 12 Oct 2012

Workday (WDAY)  shares traded up 74% to close at $48.69 after pricing at $28 a share, above its range of $24-$26. The stock opened trading at $48.05.

The IPO was drawing so much attention the Pleasanton, Calif.-based company early this week raised its proposed range from $21-$24. Workday offers Web-based applications used by businesses to manage employee records and processes.

Workday is still unprofitable, but its revenue has been growing steadily. For the six-month period ended July 31, the company posted a loss of $47 million, compared with loss of $36 million in the year-earlier period. But its revenue more than doubled to $119.5 million in that same period.

The company was co-founded by Dave Duffield, who also started enterprise software vendor PeopleSoft, which later was bought by Oracle (ORCL) after a hostile takeover battle. Several other PeopleSoft alums are in Workday’s executive ranks.

Dave Duffield addressing PeopleSoft employees in 2005
Eight years ago, Dave Duffield sadly broke the news to his employees at PeopleSoft Inc. that the software company he co-founded 18 years before had lost a hostile takeover battle against Oracle Corp.

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