That's up from $21 to $24 per share in its previous filing. At the midpoint of the new range, Workday would have a market capitalization of about $4 billion.
The company plans to offer 22,750,000 Class A shares, which at the midpoint of the range would make the offering worth $568.8 million. As my colleague Eric Savitz notes, Workday has a dual-class stock structure.
Workday provides cloud-based human resources, payroll and financial management tools, and other related products.
Technology IPOs have been beleaguered recently, as Facebook's IPO disappointed investors. But enterprise software companies have been an IPO bright spot, with Splunk, ServiceNow, Palo Alto Networks and others performing relatively well. Workday is one of the most anticipated of this group. These names are less well-known than consumer companies such as Facebook, Zynga and Groupon, but have strong growth and benefit from trends such as the move of businesses to cloud computing.
Workday generated revenue of $119.5 million in the six months ending July 31, up from $54.8 million in the year-ago period. The company had a net loss of $47.3 million over the six months ending July 31, compared to $36.3 million in the year-ago period.
The largest institutional shareholders are venture capital firms Greylock Partners, with 15.2 million shares and New Enterprise Associates, with 13.9 million shares. Neither are selling in the offering. Both stand to reap a significant gain through the IPO.
Cofounders David Duffield and Aneel Bhusri, who is also a partner at Greylock, are the largest shareholders and will have 61.0 and 68.2 percent voting power, respectively, in the company after the offering.
Workday is expected to price its offering late Thursday and begin trading on the New York Stock Exchange Friday under the ticker WDAY.
