Paycor Selling Stockholders Offload Shares Worth ~$172M At 4% Discount

Paycor HCM, Inc PYCR priced 6 million shares at $28.60 per share in an upsized secondary offering.
The human capital management (HCM) software provider upsized the offering from the previous 5 million shares.
The offering consisted of 4.2 million shares offered by Pride Feeder, L.P., and 1.8 shares offered by AIX Pride Syndication, L.P.
The estimated offering proceeds are $171.6 million. Paycor will not receive any of the proceeds from the sale of the shares.
Paycor reported first-quarter revenue growth of 28% year-on-year to $118.3 million, beating the consensus of $113.3 million.
Non-GAAP EPS of $0.05 beat the consensus of $0.03.
"Paycor posted robust revenue growth of 28% year-over-year, driven by strong new client growth, cross-sales, and continued PEPM expansion," said Raul Villar, Jr., Chief Executive Officer of Paycor.
Price Action: PYCR shares traded lower by 5.00% at $28.30 on the last check Friday.