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Paylocity prices upsized IPO above the range at $17

By: Renaissance Capital
Posted: 3/18/2014 8:38:00 PM
Referenced Stocks: PCTY

Paylocity, which provides cloud-based payroll and human capital management software, raised $120 million by offering 7.0 million shares (29% insider) at $17, above the $14 to $16 range. The company had originally filed to offer 6.7 million shares (25% insider), with all of the additional shares sold by existing shareholders. Paylocity will list on the NASDAQ under the symbol PCTY. Deutsche Bank, BofA Merrill Lynch and William Blair acted as joint bookrunners on the deal.