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.
READ ALSO: IPO Preview: Another Big Week Ahead
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
