Workday closes first day on NYSE at roughly $50 per share

Summary:After the closing bell on Friday, Workday's first day as a public company was a good one.

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Workday completed its first day as a public company as the company's stock price per share soared from an IPO of $28 per share to close out at approximately $50.02 at closing bell.

On Friday morning , the enterprise Software-as-a-Service provider began trading on the New York Stock Exchange under the ticker symbol, "$WDAY," with an initial public offering of 22,750,000 shares of its Class A common stock.

Going public got off to a solid start for the Bay Area company as it began trading at a price of $48.05 per share -- nearly double the initial price of $28. Additionally, Workday was valued at $7.4 billion compared to the previous projection of $4.49 billion.

That's quite remarkable considering the $28 per share debut is actually a $2 increase over its predicted price earlier this week and $4 over the original projection.

Throughout the day, the stock price continued to rise steadily to a peak of $51.37 before settling around $50. The low mark of the day was $45.05.

Workday continued to hover slightly above and below the $50-mark during after hours trading.

Morgan Stanley and Goldman Sachs are the lead underwriters for the offering. Allen & Company and J.P. Morgan are acting as book-running managers, with Cowen and Company, JMP Securities, Pacific Crest Securities, Wells Fargo and Canaccord Genuity Inc. all signed on as co-managers as well.

Chart via MarketWatch

More Workday IPO analysis on ZDNet:

Topics: Tech Industry, Enterprise 2.0, Enterprise Software, Software, Software Development

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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