Workday, the cloud-based human capital and payroll management house expected to IPO this week, has boosted the price of its shares from $21-$24 to $24-$26 apiece, suggesting that there’s investor appetite for the stock although the company isn’t making money yet.
It means to float 22.75 million Class A shares so it could gross as much as $591.5 million. It may use some of the money or the stock itself for acquisitions.
None of its outside investors will be parting with any of their positions in the IPO.