TriNet Group Inc., a firm offering human resources services to small and medium sized businesses filed a Form S-1 for an initial public offering (IPO) on Wednesday. The company plans to raise $250 million in an underwritten offering led by J.P. Morgan, Morgan Stanley, and Deutsche bank Securities.

In the filing the company says it has served more than 8,000 customers in the U.S. and Canada and co-employed some 218,000 of its clients’ employees. In 2012 TriNet processed more than $10 billion in payroll and insurance premiums for its clients.

About 85% of TriNet’s $1 billion in revenues in 2012 is derived from providing risk-based, third-party insurance plans for customers, primarily health benefits plans and workers compensation insurance. The company posted net earnings of $31.8 million in 2012. For comparison, Automatic Data Processing Inc. (NYSE: ADP) booked revenue of $1.97 billion in the third quarter of this for its employee services segment.

The company said it would use to proceeds from the offering to repay approximately $200 million in debt, to increase equity capitalization and financial flexibility, marketing, and in creating a public market for the stock. TriNet has approximately 26.5 million shares outstanding including preferred stock on an as-converted basis. At the time of the IPO, 9.5 million preferred shares will be exchanged for 19 million shares of common stock.

Ten executives and directors currently own 89.9% of the common stock. The largest shareholder is private equity firm General Atlantic LLC and its affiliates with a 72% stake. Following the offering the company will have a total of 770 million authorized shares of common stock.

The company has not yet determined how many shares will be included in the IPO nor has it named a stock exchange or ticker symbol for the publicly traded shares.

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