Paycom prices New York IPO below expected range
Human resources (HR) and payroll management software firm Paycom is set to go public on the New York Stock Exchange (NYSE) tomorrow. The company has priced its shares below the expected range at $15 apiece, according to VentureBeat.
The price of Paycom's initial public offering (IPO) was previously expected by analysts to fall between $18 and $20 per share. The company will be offering 6,645,000 shares in this deal. Paycom plans to use the proceeds of the sale to pay off its outstanding debt. The Oklahoma-based firm will begin trading on the NYSE using the ticker PAYC, the report detailed.
JP Morgan Securities and Barclays Capital served as the bookrunners in Paycom's IPO. The co-managers are Canaccord Genuity, Pacific Crest Securities, and Stifel, the report added.
Founded in 1998, Paycom currently operates from Oklahoma and Texas. The HR and payroll software company employs 840 people and serves over 10,500 customers, VentureBeat reported.