City Office REIT Inc. (NYSE: CIO) offered 5.8 million shares at $12.50, below the expected range of $14 to $16 and the expected total of 6.67 million shares. The shares began trading at $12.25, 2% below the offering price.
The company is based in Atlanta and owns and operates office properties in the southern and western United States. Gross proceeds from the IPO come to $72.5 million. The underwriters have a 30-day overallotment option on an additional 870,000 shares.
Paycom Software Inc. (NYSE: PAYC) provides cloud-based human resources management software. The company sold 6.65 million shares at $15 a share, well below the expected price range of $18 to $20. About 2 million shares were offered by selling stockholders and the company sold about 4.6 million shares to raise gross proceeds of around $69 million. Underwriters have a 30-day overallotment option on an additional 996,750 shares.
City Office shares recovered somewhat to trade at around $12.35 in mid-morning Tuesday.
Paycom shares opened at $17.90, but sank to $15.35 by mid-morning. Still, the shares were about 2.3% above the IPO price.
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