Industry News Desk
Workday to IPO Next Week
Workday is using a dual-class stock structure that will keep control of the company in the hands of its founders
By: Maureen O'Gara
Oct. 2, 2012 07:45 AM
Workday, the cloud-based HR start-up co-founded by ex-PeopleSoft executives David Duffield and Aneel Bhusri, who vamoosed after Oracle acquired PeopleSoft in a hostile takeover in 2005, is set to go public next Friday.
It means to sell 22.75 million Class A shares for between $21 and $24 each. Using the mid-point between those two theoretical prices it would raise $512 million and be valued at $3.85 billion. It won't finally price until October 11.
Workday is using a dual-class stock structure that will keep control of the company in the hands of its founders. Duffield and Bhusri will hold about 67% of the votes once the company goes public on the New York Stock Exchange under the ticker symbol WDAY.
Morgan Stanley and Goldman Sachs are the lead underwriters.
The company took in a total of $175 million in venture capital that included money coming from Duffield and Jeff Bezos.
PeopleSoft under Oracle is now running as a rival software-as-a-service offering.
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