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Paylocity IPO Prices High, Cloud HR Software Stock To Debut Wednesday

Paylocity (PCTY) late Tuesday announced it sold 7.045 million shares at $17 each, above the expected $14-$16 range. The company raised $119.8 million in the its IPO. The cloud-based payroll software maker will have a market cap of roughly $877 million before it begins trading Wednesday.

Paylocity IPO Set To Go With Strong Demand For Stock

Paylocity (PCTY) is set to price its IPO late Tuesday and start trading Wednesday, with indications of strong demand for the stock. Paylocity is a cloud-based provider of payroll and human capital services software designed to help companies better manage their workforce. The initial public offering seeks to raise $100 million by selling 6.7 million shares at 14 to 16 a share. At the midpoint, the company would have a market value of $765 million.