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In the latest in a long string of technology IPOs, Workday (NYSE: WDAY ) , a cloud-computing services company focused on the corporate market, soared nearly 75% in its first day as a publicly traded entity. Its NYSE-listed stock closed the day at $48.69, more than $20 higher than its issue price of $28. All told, the IPO raised $637 million for the company, which is the highest number for a new tech issue since Facebook's (Nasdaq: FB ) large-scale though disappointing debut earlier this year.
As is commonplace with IPOs in the sector, Workday is a relatively new company. It was founded in 2005 by several of PeopleSoft's top executives. Those officials lost a hostile-takeover battle with Oracle (Nasdaq: ORCL ) for control of the firm, and as a result PeopleSoft was folded into Oracle's operations.
Although Workday has posted impressive revenue gains of late, it has never turned a profit, and management does not expect it to do so "for the foreseeable future," according to the company's registration statement.Workday posted revenues of just under $120 million and a net loss of $47 million in the first six months of 2012.
After the world's most-hyped IPO turned out to be a dud, most investors probably don't even want to think about shares of Facebook. But there are things every investor needs to know about this company. We've outlined them in our newest premium research report. There is a lot more to this company than meets the eye, so read up on whether there is anything to "like" about it today, and we'll tell you whether we think Facebook deserves a place in your portfolio. Access your report by clicking here.