By Matt Jarzemsky
Paycom Software Inc.'s initial public offering priced well below
expectations, according to people familiar with the matter,
following a delay in the payroll software's debut was week.
The company and some existing holders sold 6.6 million shares
for $15 apiece, the people said, raising $100 million before the
potential sale of additional shares by underwriters. Paycom had
estimated the shares would fetch $18 to $20 each, according to a
filing.
Paycom's was one of a number of IPOs that failed to price as
originally scheduled last week, amid a selloff in shares of
early-stage technology and biotechnology companies' shares.
The Oklahoma City company plans to use proceeds to repay debt
and for general purposes.
Paycom's net profit rose to $7.7 million in 2013 from $4.2
million a year earlier, as revenue jumped 40% to $107.6 million,
according to a regulatory filing.
The three months ended Mach 31, it expects to report revenue
rose as much as 34% from the year-earlier period, the company
disclosed Friday.
Paycom's shares are slated to open on the New York Stock
Exchange Tuesday under the symbol "PAYC." Barclays PLC led the
offering with J.P. Morgan Chase & Co.
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com
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