Paylocity jumps following IPO

|About: Paylocity Holding Corp (PCTY)|By:, SA News Editor

Another week, another strong cloud software IPO. After pricing its 7.045M-share IPO at $17 (above an expected range of $14-$16), Paylocity (PCTY) opened at $31 and is currently at $27.40, up 61%.

The cloud HR/payroll software vendor sports a market cap of $1.34B, or 17x FY13 (ended June '13) sales. Paylocity's first-day showing could bode well cloud HR software firm Paycom's (PAYC) upcoming IPO.

Prospectus, IPO preview