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Private equity behemoth TPG aims for over $9 billion valuation in U.S. IPO

Tuesday, January 4, 2022
Private equity behemoth TPG aims for over $9 billion valuation in U.S. IPO © Reuters. FILE PHOTO: James Coulter co-founder of private equity firm TPG Capital, originally known as the Texas Pacific Group, speaks at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. REUTERS/Shannon Stapleton

(Reuters) -TPG is aiming for a valuation of as much as $9.3 billion in its U.S. initial public offering, as the private equity powerhouse finally moves closer to a stock market flotation after toying with the idea of going public for several years.

The firm, an investor in Airbnb Inc, Uber Technologies (NYSE:UBER) Inc and Spotify Technology SA (NYSE:SPOT), said on Tuesday it planned to sell about 28.3 million shares priced between $28 and $31 apiece in the offering.

TPG would raise about $877.6 million at the top end of the range. Its existing investors plan to sell roughly 5.59 million shares, the proceeds from which will not go to the firm.

Founded as Texas Pacific Group in 1992 by David Bonderman and Jim Coulter, TPG is one of the last remaining major players in the industry seeking to enter public markets.

It made its first investment in 1993 in the then bankrupt Continental Airlines and now has around $109 billion in assets under management spread across companies in sectors from retail to healthcare.

The Fort Worth, Texas-based firm's move to go public comes amid a record boom in IPOs and merger and acquisition activity, which have helped fuel sharp rallies in shares of listed rivals such as Apollo Global Management (NYSE:APO) Inc, KKR & Co (NYSE:KKR) Inc, Carlyle Group (NASDAQ:CG) Inc and Blackstone (NYSE:BX) Inc.

That boom has boosted earnings at TPG, with net income for the nine months to September jumping more than fivefold to $1.7 billion, its filing showed. Its revenue surged to $3.89 billion, from $564.4 million a year earlier.

J.P. Morgan, Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), TPG Capital BD LLC and BofA Securities are the lead underwriters for the offering.

TPG expects to list on the Nasdaq under the symbol "TPG."

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25-01-2022 08:39:03 (UTC+7)

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 Gold1,841.15Neutral
 Silver23.733↑ Sell
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 Crude Oil WTI83.69↑ Buy
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 US Coffee C236.78Sell
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 BASF65.145Neutral
 Bayer50.85↑ Sell
 Allianz220.05↑ Sell
 Adidas237.47↑ Sell
 Lufthansa6.710↑ Sell
 Siemens AG137.37↑ Sell
 Deutsche Bank AG10.941↑ Sell
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# So hôm qua # Chênh TG
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