Workday Inc. (WDAY), a provider of cloud-computing software for management of human resources, lifted the price range for its initial public offering, seeking to raise as much as $591 million.
The Pleasanton, California-based company is offering 22.75 million Class A shares at $24 to $26 each, up from $21 to $24 in its earlier regulatory filing.
At the midpoint of the new range, the company would have a market capitalization of roughly $4 billion.
The company estimate that net proceeds from the sale of the Class A common stock will be roughly $525.6 million
The company recorded a net loss of $47.3 million over the six months ending July 31 on revenue of $119.5 million.
Workday was founded in 2005, and it employs more than 1,500 people. Workday serves more than 340 customers including Aviva International Holdings, AIG Inc. (NYSE:AIG), Flextronics International (NASDAQ:FLEX), Four Seasons Hotels, Lenovo, and Kimberly-Clark Corp. (NYSE:KMB), among others.
Workday, which is expected to price its offering late Thursday, said its Class A common stock has been approved for listing on the New York Stock Exchange under the symbol "WDAY."