Shares of human-resource software maker Workday Inc. (NYSE:WDAY) caught fire Friday as the company’s highly-awaited initial public debut exceeded even the loftiest of expectations.
The price of shares opened at a remarkable $48.05 per share, 72 percent above the initial offering price of $28. In a deal worth $637 million, Workday sold 22.75 million Class A shares and raised more cash than any tech IPO has since Facebook (NASDAQ:FB) went public in May, according to Dealogic.
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Workday makes cloud-based software that subscribers use to direct a range of human resource functions, from payroll and financial management to employee expense and time tracking. Its software competes directly with similar products from tech giants like Oracle (NASDAQ:ORCL) and SAP AG (NYSE:SAP).
Workday is the most recent cloud-services company to enjoy smashing IPO success, as the Internet-based delivery technology continues to grow and promise exciting opportunities for innovation. Other tech companies utilizing the cloud that have had strong IPOs recently include Palo Alto Networks (NYSE:PANW) and Eloqua Inc. (NASDAQ:ELOQ).
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