Paycom higher after pricing IPO below range

After pricing its 6.6M-share IPO at $15 (well below an $18-$20 range), Paycom Software (PAYC) opened at $17.90 and is now at $16.02, up 6.8%.

The provider of cloud talent management/HR software has an $806M valuation (7.5x trailing sales). It raised $69M by selling 4.6M new shares, and sold another 2M on behalf of existing holders.

Prospectus, IPO preview

Previous: Paycom's IPO filing/2013 results

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