Human resources solution provider TriNet is looking to raise $250 million through its initial public offering (IPO).

The San Leandro, California-based company will use the funds raised for paying off a $190 million loan and a portion of another $175 million loan.

TriNet was founded in 1988 and provides HR outsourcing services to over 8,000 small and medium businesses (SMBs). The company has more than eight thousand clients in North America who use their services that include payroll processing, benefits management, and other retirements plans.

To date, the company has processed more than $10 billion in payroll and generated revenue of $1.15 billion in the first nine months of 2013. The net income of company totals $7.1 million.

J.P. Morgan LLC and Morgan Stanley LLC are the joint bookrunners on the offering and as representatives of the underwriters. Deutsche Bank Securities Inc. is acting as a joint book-running manager of the offering, and Jefferies LLC, Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C. are acting as co-managers of the offering.

Trinet said it has "filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock." . However, pricing terms are yet to be disclosed.