Workday’s Head Is in the Clouds, Boosts IPO Price

Grazed from TheStreet.com. Author: Chris Ciaccia.

Cloud computing company Workday is seeing such strong demand for its initial public offering that the offering price of its shares has been raises, according to a company filing.

The Oracle (ORCL), SAP (SAP) and Salesforce.com (CRM) competitor raised the offering price from $24 a share to $26 a share, up from $21 to $24 a share earlier this month. The company intends to sell 22.75 million Class A shares in the offering, raising as much as $591.5 million. The IPO will price Thursday after the close of trading, and shares will trade on the New York Stock Exchange Friday under the ticker "WDAY."…

Workday describes itself in the filing as a "leading provider of enterprise cloud-based applications for human capital management (HCM), payroll, financial management, time tracking, procurement and employee expense management." Workday has commanded exceptionally strong interest on the back of strong performances from other cloud computing stocks, including Salesforce.com. One hedge fund analyst, who declined to be named, said it had "clearly the best prospects of the upcoming IPOs, but at 12 times revenue, it’s priced for that."…

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