Apax-Backed Paycor Raises $426 Million in IPO Priced Above Range

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Michael HythaJuly 20, 2021, 6:46 PM·1 min read

(Bloomberg) — Software maker Paycor HCM Inc., backed by the private equity firm Apax Partners, raised $426 million in an initial public offering priced above a marketed range.

The Cincinnati-based company sold 18.5 million shares for $23 each on Tuesday after offering them for $18 to $21, according to a statement. The IPO gives the company a market value of $3.9 billion based on the outstanding shares listed in its filing.

The listing is one of 27 seeking to raise more than $6.6 billion in one of the busiest weeks of the year on U.S. exchanges, according to data compiled by Bloomberg.

E-commerce software maker VTEX, backed by a SoftBank Group Corp.

fund, also priced its U.S. IPO above a marketed range on Tuesday, raising $361 million.

Paycor, which makes human capital management software for small and midsize businesses, said in its filings with the U.S. Securities and Exchange Commission that it has more than 28,000 customers...read more...