Paycor announces upsize, pricing of offering of common stock

Paycor HCM announced the upsize and pricing of the previously announced underwritten public offering of its common stock by investment funds advised by Apax Partners LLP at a price to the public of $28.60 per share. The size of the offering increased from the previously announced 5,000,000 shares of common stock to an aggregate of 6,000,000 shares of common stock. The offering consists of 4,238,329 shares offered by Pride Feeder, L.P. and 1,761,671 shares offered by AIX Pride Syndication, L.P., respectively. Each of the selling stockholders are controlled by investment funds advised by Apax Partners LLP. Paycor will not receive any of the proceeds from the sale of the shares being offered by the selling stockholders but will bear the costs associated with the sale of such shares, other than any underwriting discounts and commissions. The offering is expected to close on December 6, 2022, subject to customary closing conditions. Goldman Sachs & Co. LLC is acting as underwriter for the offering. Pride Aggregator, L.P. will distribute 8,278,813 shares of Paycor’s common stock to its limited partners prior to the closing of the offering, including the selling stockholders. Of the 8,278,813 shares that will be distributed, 6,000,000 shares will be offered for sale in the offering, 1,888,221 shares that are not being offered for sale in the offering will be subject to a 30-day lock-up and 390,592 shares that are not being offered for sale in the offering will be distributed among approximately 80 limited partners who will not be subject to lock-ups.