October 12, 2012
(AP) Shares of Workday rocketed higher Friday in their first day of trading on the New York Stock Exchange.
The stock climbed $20.33, or 72.6 percent, to $48.33 in midmorning trading.
Workday Inc., which provides remote storage applications for human resources and finance, priced the initial public offering of about 22.8 million shares at $28 per share. This was above the projected range of $24 to $26 per share.
The shares opened at $48.05 and traded as high as $49.23 earlier in the session.
The Pleasanton, Calif.-based company raised $637 million in the offering. It is giving the underwriters a 30-day option to buy up to an additional 3.4 million shares to cover any excess demand.
Workday said in a filing with the Securities and Exchange Commission that it plans to use the offering's net proceeds for working capital and other general corporate purposes. It may also use some of the proceeds for acquisitions.
The shares are trading under the "WDAY" ticker symbol.