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Workday Surges in First Day of Trading After IPO

Workday Inc., a maker of Web-based human-resources programs, jumped 74 percent in its trading debut after raising $637 million in its initial public offering, pricing the shares above an increased range.

The shares advanced to $48.69 in New York, for a valuation of $7.8 billion. They earlier reached a high of $51.37. Yesterday Workday sold 22.8 million shares for $28 each, after boosting the price range earlier this week to $24 to $26. The IPO was the biggest technology offering since Facebook Inc. went public in May, raising $16 billion.