The Minnesota-based human resources software company Ceridian HCM Holding recently bagged the largest initial public offering in state history as it secured $462 million.
The company priced its initial stock at $22 million in late April, according to Minnesota’s Star-Tribune newspaper. A company press release noted that it closed the IPO at 24,150,000 shares of common stock.
Though company officials expected a much lower figure for their IPO, they said it shows how much interest is in their product.
“It’s a testament to the transformation story our company has gone through,” said company president Paul Elliott.
Ceridian’s main product is called Dayforce, which provides payrolling options, worker benefits, and talent management services. They currently report having more than 3,000 customers using their flagship product.
The company tallied a total revenue of $750 million in 2017, which was up a significant six percent from the previous year.
Elliot and other officials have said that they plan to use the lucrative IPO to refinance its debt and to use for general purposes allocated throughout the company. “We feel this really positions our balance sheet for the next level of growth,” Elliott said.
Ceridian used to be a publicly traded company, according to the Star-Tribune report, as it is a successor to Control Data Corp.
