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TriNet Group Inc. (NYSE: TNET) launched its initial public offering (IPO) Thursday, selling 15 million shares at an IPO price of $16 apiece, the midpoint of the stock’s expected range. TriNet is a provider of human resources solutions for small and medium-size businesses. Shares climbed to nearly $19.50 but have since slipped back to around the opening trading price of $18.50.

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.