Shares Of Payroll Services Provider Paylocity Soar In Debut

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.