(Reuters) - Silicon Valley-based Workday Inc, which provides cloud-based human resource software, raised the expected price range of its IPO to $24-$26 per share from $21-$24 per share.
At the midpoint of the expected range, the offering of 22.75 million Class A shares will raise $568.75 million.
The company plans to use the proceeds for expansion, working capital and other purposes.
Pleasanton, California-based Workday was co-founded by ex-PeopleSoft executives David Duffield and Aneel Bhusri, who left PeopleSoft following its acquisition by Oracle Corp ORCL.O in 2004.
Workday shares will be listed on the New York Stock Exchange under the symbol “WDAY”.
Morgan Stanley and Goldman Sachs are the lead underwriters for the offering.
Reporting by Neha Dimri in Bangalore; Editing by Sreejiraj Eluvangal