Workday IPO sets value at $3.85bn

Workday, which provides cloud-based human resource software, said it plans to price its initial public offering of Class A shares at between $21 and $24 each, valuing the Silicon Valley company at $3.85bn (£2.4bn). Workday was co-founded by ex-PeopleSoft executives David Duffield and Aneel Bhusri, who left PeopleSoft in 2004. It confidentially filed for an IPO in July under the Jumpstart Our Business Startups Act.