|By Maureen O'Gara||
|October 13, 2012 08:30 AM EDT||
Workday tickled its IPO price again Thursday night finally settling on $28 a share.
Its original range was $21 to $24, which was jacked up to $24 to $26 Tuesday.
Then it barreled out of the gate shortly before 10 Friday morning opening at $48.05, almost 72% higher than its IPO price.
The cloud reprise of PeopleSoft, started in 2005 by the same people who ran PeopleSoft before they were run off the range by a hostile Oracle takeover, got its validation making around $637 million on 22.75 million shares, pulling off the biggest largest cloud IPO - heck, the biggest tech IPO - since the Facebook fiasco in May.
All the money went to the company. None of its backers sold shares.
Workday, which has yet to turn a profit, fetched an initial valuation in the neighborhood of $4.5 billion, a tribute to its growth curve.
Profits were taken on the stock after it hit $49.23 but its price around noon was hugging $47 after grazing $45.
Its ticker symbol on the New York Stock Exchange - noticeably not the Nasdaq where Facebook debuted to system meltdown - is WDAY.
Workday currently claims about 340 customers including Flextronics, Kimberly-Clark and Lenovo. The HR market, largely still serviced by legacy-style software, is estimated to be worth $15 billion.