Workday Shares Begin Trading At $28 In IPO
Workday, a purveyor of cloud-based human resources software, announced plans for an IPO in August and said at the time it expected to raise $400 million. Well, turns out that was way too low.
Workday shares began trading Friday at $28, up from the $24 to $26 target the company provided just a few days earlier, and the IPO is expected to be the largest ever for a cloud software company.
"Demand is many times multiple oversubscribed. This company is Oracle's and Salesforce's greatest nightmare," Daniel Sweet, partner at IPO Boutique, told TheStreet.com.