Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Workday Raises Share Price Range Ahead of Imminent IPO, Nears $5 Billion Valuation

Aneel Bhusri

The latest update from the cloud software company Workday says that it has raised the price range at which it expects its shares to trade when they debut on the New York Stock Exchange later this week.

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.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work