LAKEWOOD RANCH -- TriNet Group, Inc., with offices in Lakewood Ranch, is now a publicly traded company after debuting on the New York Stock Exchange Thursday morning.
The company is the nation's largest human resources outsourcing and professional employer organization, and is based in San Leandro, Calif. TriNet announced an initial public offering of 15 million shares of common stock at a price of $16 per share and are trading under the symbol TNET. The stock initially reached $18.94 early on in trading. The shares are being offered by TriNet.
Lakewood Ranch's Gevity HR, which was once publicly traded, merged with TriNet in 2009. Employees at TriNet's Lakewood Ranch offices watched the ringing of the bell through a special webcast, which also showed TriNet's banner across the stock exchange's entrance. Employees were also presented with a silver bell that says "TNET Listed NYSE" that they rang as the stock market opened.
The underwriters have been granted a 30-day option to purchase up to 2,250,000 shares of common stock from stockholders affiliated with General Atlantic LLC, the equity company that invests in TriNet. TriNet will not receive any proceeds from any sale of shares by such stockholders, according to the company.
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J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are acting as joint book-running managers of the offering and as representatives of the underwriters. Jefferies LLC, Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C. are acting as co-managers of the offering.
Charles Schelle, Herald business reporter, can be reached at 941-745-7095. Follow him on Twitter@ImYourChuck.