Workday Inc Sets IPO Terms Valuing Company At Up To $3.85 Billion-Reuters

Reuters reported that Workday Inc plans to price its initial public offering of Class A shares at between $21 and $24 each, valuing the company at up to $3.85 billion. The Act allows a company to keep financial details contained in IPO documents private for longer and permits it to keep its registration statement confidential until 21 days prior to the first road show. The company subsequently filed in August to raise up to $400 million in its IPO. Workday is looking to sell 22.75 million Class A shares in the offering. At the mid-point of Workday's expected range, the offering will raise about $512 million.