FORTUNE -- Human resource software company Workday (WDAY) last night priced the largest venture-backed IPO since Facebook (FB), raising $637 million. Unlike Facebook, however, Workday has seen its shares soar more than 75% -- climbing from the $28 per share offering price to nearly $50 (as of this writing).
Kind of seems that Workday (WDAY) left some big money on the table. Possibly more than half a billion dollars. Maybe the Morgan Stanley bankers were still feeling some Facebook shell-shock. We'll return to this in a few months, once we see where Workday stock settles out.
In the meantime, let's take a look at how the venture capital backers are making out. At least in terms of holding values, since it does not appear that any insiders sold shares via the IPO.
Workday doesn't detail how many shares each firm acquired in each of the company's five rounds of private financing, but we do at least have some basic parameters. It also does
We know from the offering documents that Greylock currently holds around 15 million Class B shares and NEA holds just under 14 million Class B shares. Let's assume that Greylock took 95% of those Series A-D rounds (with individuals like Dave Duffield doing the remainder), while NEA took around 61% of the Series E round (with Greylock taking another 7.5%). Yes, these are largely guesses, but should give us a ballpark. At that point, Greylock invested around $82 million for a position valued today at more than $744 million (using $49 per share).
For New Enterprise Associates, we know that it invested $46 million for a position now valued at around $683 million.
As for the four firms in the Series F financing, let's assume they split the investment evenly at $25 million each. Those stakes would now be valued at around $92 million.
Again, all of this is paper value until the lockups expire. But, for now, these firms and their investors are looking at returns that range from 3.7x up to nearly 15x. Not bad for an enterprise software play that spent the past few years being overshadowed by the likes of Groupon (GRPN) and Zynga (ZNGA).
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Yet another LinkedIn veteran joins venture capital firm Greylock
Josh Elman has been a project manager with some of Silicon Valley's hottest companies, including Facebook, Twitter and LinkedIn (LNKD). Now he's becoming a venture capitalist.
Fortune has learned that Elman will become a principal with Greylock Partners, a firm that is no stranger to LinkedIn vets. It recently added both Adam Nash (ex-VP of product development) and D.J. Patil (ex-chief scientist). LinkedIn MOREDan Primack - Sep 15, 2011 1:35 PM ET
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