IPO Winner for HR Services Provider TriNet
March 27, 2014 by Paul Ausick
Lead underwriters for the IPO are J.P. Morgan, Morgan Stanley and Deutsche Bank Securities. The underwriters have an option on an additional 2.25 million shares.
TriNet expects net proceeds of approximately $217.8 million and plans to use the proceeds for general corporate purposes, including working capital, sales and marketing activities and other uses. TriNet may also use some of the funds to acquire or invest in technologies, solutions or businesses that complement its own business.
The company’s chosen space is crowded with both large and small competitors providing temporary employees, payroll services and a multitude of other human resources services. Exactly how TriNet plans to stand out is not entirely clear, although the company says its size works to its advantage.
Shares traded at $18.55 at noon, after opening at $18.50 and rising to a high of near $19.50.
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