This Cloud-Based Tech IPO is Soaring Sky High

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

 

Shares of human-resource software maker Workday Inc. (NYSE:WDAY) caught fire Friday as the company’s highly-awaited initial public debut exceeded even the loftiest of expectations.

The price of shares opened at a remarkable $48.05 per share, 72 percent above the initial offering price of $28. In a deal worth $637 million, Workday sold 22.75 million Class A shares and raised more cash than any tech IPO has since Facebook (NASDAQ:FB) went public in May, according to Dealogic.

Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.

Workday makes cloud-based software that subscribers use to direct a range of human resource functions, from payroll and financial management to employee expense and time tracking. Its software competes directly with similar products from tech giants like Oracle (NASDAQ:ORCL) and SAP AG (NYSE:SAP).

Workday is the most recent cloud-services company to enjoy smashing IPO success, as the Internet-based delivery technology continues to grow and promise exciting opportunities for innovation. Other tech companies utilizing the cloud that have had strong IPOs recently include Palo Alto Networks (NYSE:PANW) and Eloqua Inc. (NASDAQ:ELOQ).

Don’t Miss: LinkedIn Names 100 Most Desirable Companies.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business