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
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