(Reuters) – Shares of cloud-based amount processor TriNet Group Inc (TNET.N) rose as abundant as 21 percent in their bazaar debut, account the aggregation at about $1.32 billion.
The San Leandro, California-based aggregation aloft about $240 actor afterwards its antecedent accessible alms was priced at $16 per share, the mid point of its accepted range.
TriNet’s shares opened at $18.50 and affected a aerial of $19.39, authoritative the banal the allotment gainer on the New York Banal Exchange on Thursday.
More than 5 actor shares afflicted easily by 1100 ET.
Stake of General Atlantic, one of the company’s top stockholder, will be adulterated to about 56 percent afterwards the alms from 71.4 percent, TriNet said in a filing with the U.S. Securities and Exchange Commission.
Last week, online amount processor Paylocity Holding Corp’s (PCTY.O) shares rose as abundant as 80 percent in their bazaar admission as offerings by cloud-based action software companies abide to aphorism the IPO market.
TriNet expects to tap the growing appeal from small- and medium-sized businesses which outsource their payroll, employee-benefit and added animal assets functions.
The company, which counts TotalSource assemblage of Automatic Data Processing Inc (ADP.O) and Insperity Inc (NSP.N) amid its competitors, had added than 8,900 audience as of December 31.
TriNet bought HR casework aggregation Ambrose Employer Group LLC, technology close App7 Inc and allowance and risk-management account provider Gevity HR Inc in the aftermost bristles years.
The aggregation said acquirement rose 61 percent to $1.64 billion in 2013 while net assets fell 58 percent to $13.1 million.
TriNet is headed by 58-year-old Burton Goldfield, who had served as arch controlling of Ketera Technologies Inc, a business administration software company.
JP Morgan, Morgan Stanley and Deutsche Bank were advance underwriters to the offering.
Reporting By Neha Dimri in Bangalore; Editing by Kirti Pandey and Don Sebastian
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