March 27 (Reuters) - Shares of cloud-based payroll processor TriNet Group Inc rose as much as 16 percent in their market debut, valuing the company at about $1.26 billion.
The California-based company raised about $240 million after its initial public offering was priced at $16 per share, the mid point of its expected range.
TriNet's shares opened at $18.50 on the New York Stock Exchange on Thursday.
JP Morgan, Morgan Stanley and Deutsche Bank were lead underwriters to the offering.
(Reporting By Neha Dimri in Bangalore; Editing by Kirti Pandey)