Workday Raises Share Price Range Ahead of Imminent IPO, Nears $5 Billion Valuation
Workday, the most-watched IPO in the tech world since Facebook, says its stock will bow in at between $24 and $26 a share, raising north of $590 million and nudging its overall valuation toward the
$4 billion $5 billion mark. The disclosure came in an updated S1 filing with the U.S. Securities and Exchange Commission. It will trade under the ticker symbol WDAY.
Workday has been on a steady march toward this moment since it took an $85 million institutional investment round last year when it was valued at a then eye-popping $2 billion.
Co-CEOs Aneel Bhusri and Dave Duffield will control about 67 percent of the proxy through a two-layered share structure that gives holders of Class B shares 10 votes to every one vote for a typical Class A shareholder.
Workday should price any day now.
Update: I updated the headline and the text to reflect Workday’s valuation as being closer to $5 billion than $4 billion.