Shares of Paylocity Holding Corp rose as much as 80 percent in their market debut, valuing the online payroll services provider at about $1.55 billion.

The Illinois-based company raised about $120 million after its initial public offering was priced at $17 per share, slightly above the expected pricing range of $14-$16.

Paylocity's shares opened at $31 on the Nasdaq on Wednesday.

Deutsche Bank Securities Inc, Merrill Lynch, Pierce, Fenner & Smith Inc and William Blair & Co LLC were the lead underwriters for the offering.