Workday IPO watch: According to sources, human resource and financial planning software provider Workday has selected four investment banks to be in charge of the company’s IPO (initial public offering). This will be the technology company IPO with most concern after the Facebook IPO. Find Workday IPO price range by clicking here.
The four investment banks selected by Workday include Morgan Stanley, Goldman Sachs, Allen & Co. and JP Morgan Chase. The company has been seeking the investment banks to run its IPO since December last year.
According to the sources, Workday expects to submit the IPO registration statement filing to the U.S. Securities and Exchange Commission (SEC) in mid-July this year and carry out the IPO road show in late summer or early autumn, and finally go public in October to December. Prior to this, the two software companies Jive Software and Splunk both conducted a successful IPO, which became an important factor to inspire Workday to go public. The process of the Workday IPO will also depend on market conditions.
Workday has recently hired the Vmware’s former CFO (chief financial officer), Mark Peek as its CFO to promote the company’s IPO.
Workday will be likely to raise approximately $500 million in the IPO, which will benefit the company’s early investors, such as Greylock Partners and New Enterprise Associates.
Workday is a cloud computing software company providing human resource management solutions. Last October, the company raised funds of $85 million in the F round of financing and got a valuation of $2 billion.
Read more: Workday IPO prospectus summary.