Paylocity Holding Corp. (NASDAQ: PTCY) provides cloud-based software to help mid-sized companies manage their human resources and payroll functions. For its initial public offering (IPO) Wednesday morning, the company priced 7.05 million shares at $17, above the expected range of $14 to $16. Shares have traded as high as $31 before pulling back somewhat.

At the IPO price, the company is valued at about $900 million. The company sold 5 million shares and existing shareholders sold 2.05 million. Underwriters have a 30-day option on another 1.06 million shares.

The company claims 6,850 customers throughout the United States, with an average of more than 100 employees per customer. Revenues have risen from $39.5 million in 2011 to $77.3 million in 2013, and the company says its annual revenue retention rate has been greater than 92% in each of the past three fiscal years.

It is a crowded field in the cloud, and there is also a large traditional company for Paylocity to contend with: Workday Inc. (NYSE: WDAY), Benefitfocus Inc. (NASDAQ: BNFT) and Paychex Inc. (NASDAQ: PAYX) as well as the venerable Automatic Data Processing Inc. (NYSE: ADP).

Two more tech IPOs are scheduled for this week. We expect Q2 Holdings Inc. to launch its IPO on Thursday with an offering of 7.76 million shares in a price range of $11 to $13 a share. The company provides cloud-based banking solutions for regional and community financial institutions. Q2 is selling 6.25 million shares and existing shareholders are selling the rest. Q2 shares will trade on the New York Stock Exchange under the ticker symbol QTWO.

Amber Road Inc., a maker of cloud-based software for global trade management, is expected to launch its IPO on Friday. The company plans to offer 6.5 million shares in an expected price range of $10.50 to $12.50. Amber Road is selling 4.78 million shares and existing shareholders are selling the rest. Amber Road’s stock will trade on the New York Stock Exchange under the ticker symbol AMBR.

In early afternoon trading, Paylocity was up nearly 58% at $26.77.

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