By Reuters Staff

       2 Min Read

       (Reuters) -Paycor HCM Inc, a human capital management company backed by Neuberger Berman and Qatar Investment Authority, said on Monday it was targeting a valuation of up to $3.6 billion in its initial public offering in the United States.

       The company said it will be looking to sell 18.5 million shares between $18 and $21 each. At the upper end of the range, the IPO would fetch $388.5 million for Paycor.

       Founded in 1990, the Cincinnati, Ohio-based company offers a suite of products aimed at streamlining human capital management. It targets businesses with a headcount between 10 and 1,000, and had over 44,000 clients as of March 31 this year.

       Entities tied to Neuberger Berman Investment Advisers, ClearBridge Investments and Franklin Templeton have indicated a non-binding interest in buying up to a combined $150 million worth of the shares on offer, Paycor said.

       The company plans to list in a fertile IPO market in the United States, hoping to attract interest as demand for its services grew due to remote working made necessary by the COVID-19 pandemic.

       Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.

       Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli

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