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© Reuters. File photo: The Nasdaq logo was displayed on the Nasdaq Market website in New York on September 2, 2015. REUTERS/Brendan McDermid
(Reuters)-Paycor HCM Inc’s share price rose by more than 20% when it debuted on the Nasdaq on Wednesday. The human capital management company backed by private equity firm Apax Partners is valued at $4.8 billion.
The stock opened at $28 per share, higher than the IPO price of $23 per share.
Paycor raised $425.5 million through the sale of 18.5 million shares through an initial public offering on Tuesday, which is priced higher than the target range of $18 to $21 set earlier.
The Cincinnati, Ohio-based company joined the ranks of companies this week that hope to profit in a fertile capital market that is full of capital and witnesses unprecedented levels of activity.
UK-based Apax acquired Paycor in 2018 and will hold most of its outstanding common stock after the issuance.
Established in 1990, Paycor provides solutions for managing human resources, salary, talent and labor, and targets companies between 10 and 1,000 customers. As of March 31 this year, it has more than 44,000 customers.
Goldman Sachs (NYSE:) and JPMorgan Chase are the main underwriters for this offering.
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