Paycom drops stock price
Paycom Software Inc. stock is expected to begin trading Tuesday on the New York Stock Exchange at the price of $15 per share.
The company had been expected to launch its IPO on Friday at $18 to $20 per share, but the offering was delayed after a marketwide sell-off of tech-sector stocks.
Paycom was one of several IPOs that held off pricing its stock last week in the face of less-than-optimal market conditions.
The payroll and human resources services company plans to sell 6.6 million shares.
Proceeds from the stock offering will be used to pay debt and other general purposes, according to a regulatory filing. Paycom will trade on the New York Stock Exchange under the symbol PAYC.
From Staff Reports