Paylocity, which provides cloud-based payroll and human capital management software solutions, announced terms for its IPO on Friday. The Arlington Heights, IL-based company plans to raise $100 million by offering 6.7 million shares (25% insider) at a price range of $14 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $765 million.
Paylocity, which was founded in 1997 and booked $91 million in sales for the 12 months ended December 31, 2013, plans to list on the NASDAQ under the symbol PCTY. The company initially filed confidentially on December 6, 2013. Deutsche Bank, BofA Merrill Lynch and William Blair are the joint bookrunners on the deal.
