TriNet Group (TNET) Pops After IPO (Update)

Update (4:10 p.m.): Updated with Thursday market close information.

NEW YORK (TheStreet) -- TriNet Group  (TNET) popped 20.12% to $19.22 on Thursday, its first day of trading after the cloud-based payroll processing company's IPO.

TriNet priced its initial public offering at $16, the midpoint of its expected range of $15 to $17. This values the company at approximately $1.09 billion. TriNet sold 15 million shares to raise $240 million. J.P. Morgan, Morgan Stanley and Deutsche Bank acted as joint book running managers for the offering.

Private equity firm General Atlantic backed TriNet. Its stake in the company dropped from 71.4% to 56% after the offering.

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