Debbie McGrath

Workday, a Pleasanton, Calif.-based provider of enterprise cloud applications for human resources and finance, has set its IPO terms to 22.75 million Class A shares being offered at between $21 and $24 per share. It would have an initial market cap of approximately $3.6 billion, were it to price in the middle of its range. The company reports a $46 million net loss for the first six months of 2012 on $119.5 million in revenue, compared to a $36 million net loss on nearly $55 million in revenue for the year-earlier period. It has raised around $175 million in VC funding from firms like Greylock Partners (11% pre-IPO stake), New Enterprise Associates (10.1%), T. Rowe Price, Morgan Stanley, IndoUS Venture Partners, Janus Capital and Bezos Expeditions. www.workday.com