CINCINNATI - Paycor HCM , Inc. (NASDAQ: NASDAQ:PYCR), a prominent provider of human capital management software, disclosed the pricing of a public offering of 8 million shares by investment funds advised by Apax Partners LLP. The shares are priced at $20.15 each, with the transaction expected to close on March 11, 2024, subject to standard closing conditions.
The offering comprises shares held by two entities: 5,651,106 shares by Pride Feeder, LP, and 2,348,894 shares by AIX Pride Syndication L.P. Both selling stockholders are managed by funds advised by Apax Partners LLP. Paycor will not receive proceeds from the share sale but will incur the costs associated with the sale, excluding underwriting discounts and commissions. Goldman Sachs & Co (NYSE:GS). LLC is the underwriter for the offering.
Additionally, Pride Aggregator, LP plans to distribute 11,038,476 shares of Paycor's common stock to its limited partners before the offering closes. Of these, 8 million shares are included in the current offering, 2,517,635 shares will be subject to a 30-day lock-up period, and 520,841 shares will be distributed to approximately 80 limited partners who are not subject to lock-ups.
The offering is being made through Paycor's shelf registration statement on Form S-3, which has been filed with and declared effective by the Securities and Exchange Commission (SEC). Prospective investors can access the prospectus and related documents on the SEC's website or through Goldman Sachs & Co. LLC.
This announcement is not an offer to sell or a solicitation of an offer to buy securities, and sales will not be made in any jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that jurisdiction.
Forward-looking statements in this press release reflect Paycor's current intentions regarding the offering but are subject to risks and uncertainties that could cause actual results to differ. Paycor does not commit to publicly update any forward-looking statements.
Paycor's HCM platform is designed to modernize all aspects of people management and is trusted by over 30,000 customers. The company emphasizes providing a unified HR platform with easy integration, robust analytics, talent development tools, and technology tailored to specific industry needs.
The information in this article is based on a press release statement from Paycor HCM, Inc.
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