Ahead of the Bell: Workday prices IPO

Associated Press

NEW YORK (AP) — Workday has raised $637 million from its initial public offering of approximately 22.8 million shares.

The company, which provides remote storage applications for human resources and finance, said Friday that it priced the IPO at $28 per share, which is above the projected range of $24 to $26 a piece.

Workday Inc. is giving the underwriters a 30-day option to buy up to an additional 3.4 million shares to cover any excess demand.

The Pleasanton, Calif., company 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 expected to start trading on Friday on the New York Stock Exchange under the "WDAY" ticker symbol.

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