Cloud

HR tech provider Paycom raises less than expected in $100M IPO

NYSE stock exchange Rolf Kleef Flickr
Image Credit: Rolf Kleef/Flickr

The time has come.

Paycom, a company that pushes cloud-based human-capital management software, will debut on the New York Stock Exchange tomorrow under the symbol PAYC, for $15 per share. The company announced the news in a press release today.

The figure falls under the $18-to-$20 range analysts were expecting, as IPO investment firm Renaissance Capital noted today. The idea is to offer 6,645,000 shares and pay off outstanding debt.

Paycom competes with plenty of software companies, including Workday, which found success in its 2012 initial public offering.

Barclays Capital and J.P. Morgan Securities are Paycom’s book-runners. Pacific Crest Securities, Canaccord Genuity, and Stifel are the co-managers.

Paycom started in 1998, and as of Dec. 31 it had 840 employees and more than 10,500 customers. It runs its software from data centers in Oklahoma and Texas.

Several other technology companies are in a position to go public this year, including Box and New Relic.

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