Paycor falls on secondary stock offering

Paycor HCM

02/12/2022 13:44

** Paycor HCM Inc's  PYCR.O  shares down 4.4% at $28.47
before the bell as payroll software firm prices secondary
offering
    ** PYCR announces 6 mln shares sold by funds advised by Apax
Partners at $28.60 with Goldman Sachs as sole bookrunner
 urn:newsml:reuters.com:*:nGNX6LYNn2
    ** Offering size increased from 5 mln shares, prices at 4%
discount to stock's last close
    ** PE firm Apax also to distribute ~8.3 mln shares to its
limited partners, including shares sold in the offering
    ** Prior to offering, Apax held ~120.5 mln PYCR shares, ~69%
of total outstanding, per Refinitiv data
    ** A month ago, PYCR boosted its FY2023 rev forecast to
$528-$534 mln from prior guidance of $510-$516 mln  urn:newsml:reuters.com:*:nTUA17C8GC
    ** PYCR shares had risen past three sessions and gained 6%
this week. YTD, stock up 3.4% through Thurs close
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))