The cloud-based software provider’s initial public offering raised nearly $120 million, with 7 million shares pricing for $17 each. That was above the projected range of $14 to $16 per share. The company had initially expected about 6.7 million shares in the IPO, according to a regulatory filing.
Paylocity Holding Corp. offered 5 million shares, while about 2 million shares came from the selling stockholders. Paylocity won’t receive any proceeds from those shares.
The Arlington Heights, Ill., company plans to use its share of the funds, about $85 million, to pay off debt and for working capital.
Trading under the “PCTY” ticker symbol, Paylocity’s stock climbed $7.04 to end at $24.04 Wednesday.
MORE HBJ HEADLINES
Everett Clinic to lease space in Frontier Building Boeing, SpaceX will beat Russia on price for astronaut rides 1:46 p.m. Milk industry fights back against ‘anti-dairy folks’ 1:47 p.m. WikiLeaks slams Google over delay in revealing US warrants 1:45 p.m. Gov’t to overhaul Medicare payments to doctors, hospitals 1:48 p.m. Supreme Court knocks down promised health benefits for union retirees 1:43 p.m.
Our new comment system is not supported in IE 7. Please upgrade your browser here.