The firm had priced 18.5 million shares of common stock at $23 per share. Those shares started trading under the “PYCR” ticker symbol on the Nasdaq Global Select Market (Nasdaq). Paycor stock was trading at approximately $28.25 as of about 12:30 p.m. Eastern Time.
Paycor has also provided the underwriters with a 30-day option to buy 2.775 million more shares of common stock at the IPO price “less underwriting discounts and commissions,” according to the announcement.
Paycor said that its HCM system brings all parts of people management into the modern era, from recruiting to onboarding, including how companies develop people as well as pay and retain them. More than 40,000 small and medium-sized businesses (SMBs) work with Paycor.
The news comes as Paycor filed for an IPO with the U.S. Securities and Exchange Commission (SEC) earlier this year. “The importance of people management has been elevated from a payroll-centric cost center to a highly strategic function focused on talent management as a critical component of business competitiveness,” Paycor said in the SEC filing.
PYMNTS reported in January that Paycor had raised $270 million in new investment dollars. The investment was co-led by Neuberger Berman, “on behalf of certain funds for which it serves as an investment adviser,” in addition to the Qatar Investment Authority (QIA), according to a January announcement.
Other new investors took part, including Teca Partners, Leumi Partners, Franklin Templeton and ClearBridge Investments.
“The partnership of these new investors with Paycor speaks to the momentum we have achieved as a leader in HCM and the opportunities we see ahead,” Paycor CEO Raul Villar, Jr. said at the time. “This allows Paycor to accelerate our strategy of serving our customers with industry-leading technology and expertise.”