PLEASANTON (CBS/AP) — Shares of cloud-computing firm Workday rocketed higher in their first day of trading on the New York Stock Exchange.

The stock climbed $20.12, or 72 percent, to $48.12 in early trading on Friday.

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Workday Inc., founded by former PeopleSoft executives David Duffield and Aneel Bhusri, provides remote storage applications for human resources and finance.

It priced the initial public offering of about 22.8 million shares at $28 per share, which was above the projected range of $24 to $26 per share. The Pleasanton-based company raised $637 million in the offering.

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The shares are trading under the “WDAY” ticker symbol.

 

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