NEW YORK (AP) — Shares of Paylocity are rising in their first day of trading on the Nasdaq.

The cloud-based software provider's stock added $11.85, or 69.7 percent, to $28.85 in Wednesday morning trading.

Paylocity Holding Corp. priced the initial public offering of approximately 7 million shares at $17 per share. That's above the projected range of $14 to $16 per share. The company initially expected about 6.7 million shares in the IPO, according to a regulatory filing.

Paylocity is offering 5 million shares, while about 2 million shares are being offered by selling stockholders. Paylocity won't receive any proceeds from shares sold by the selling stockholders.

The Arlington Heights, Ill., company plans to use proceeds to pay off debt and for working capital.

The stock is trading under the "PCTY" ticker symbol.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.