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The Pleasanton, California-based company, considered a leader in the cloud computing sector, opened New York Stock Exchange trading at $48.05 after pricing shares above the expected range at $28.00. It sold 22.75 million shares, raising $637 million. Earlier in the week, Workday raised its price range to $24 to $26 per share from $21 to $24 per share. The IPO values the company, founded by ex-PeopleSoft executives David Duffield and Aneel Bhusri, at almost $4.5 billion. Duffield and Bhusri left PeopleSoft following its acquisition by Oracle Corp in 2004. Workday's revenue nearly doubled in 2011 to $134.4 million. Its net loss widened to $79.6 million from $56.2 million. Workday's IPO is the largest in the tech sector this year besides Facebook Inc. It is also one of a slew of recent IPOs from cloud-based companies including ServiceNow Inc, Demandware Inc and Guidewire Software Inc. Cloud computing technology, which lets customers access their data from remote servers, is thought to be faster and cheaper than traditional methods. Morgan Stanley and Goldman Sachs were the lead underwriters for the Workday offering. (Reporting By Olivia Oran; Editing by Gerald E. McCormick) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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