Cloud-based payroll processor TriNet prices IPO at $16 per share

March 26 Wed Mar 26, 2014 6:48pm EDT

March 26 (Reuters) - Cloud-based payroll processor TriNet Group Inc said it priced its initial public offering at $16 per share, valuing the company at about $1.09 billion.

Backed by private equity firm General Atlantic LLC, TriNet's expected offering of 15 million shares would raise about $240 million at that price, which is at the mid-point of its planned $15-$17 price range.

The company's shares will start trading on the New York Stock Exchange on Thursday under the symbol "TNET." (Reporting by Avik Das and Rohit T.K. in Bangalore. Editing by Andre Grenon)