Pleasanton Cloud Computing Company Workday Has Massive IPO

Shares in Pleasanton, San Francisco-based company at 70 percent of IPO.

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    Pleasanton's Workday, the cloud software company, has helped revive the IPO market, according to reports.

    The company sold 28 million shares on Thursday for $28 each, and on Friday, shares of the company were selling for as much as $49.90, according to the San Jose Mercury News.

    That means the company raised over $600 million in capital and is worth close to $4.5 billion, the newspaper reported.

    The company now hopes to hire as many as "400 to 500" extra employees to complement the worker bees already in place in San Francisco, Pleasanton, and Ireland, the newspaper reported.

    The IPO is the biggest since Facebook, the newspaper reported -- and much, much better for tech-stock traders.

    Facebook's stock is now trading at 48 percent below its IPO value following a "bungled" debut, the newspaper reported.

    Workday is the follow-up to PeopleSoft, which was purchased by Oracle in 2005 in a hostile takeover, the newspaper reported.

    The company "rents" cloud-based human resources software to companies, rather than selling software packages that need to be installed on systems, the newspaper reported.

    This business model has proved a hit with both investors and the industry, according to the newspaper.