Monday, January 17, 2022
Home Business Private equity behemoth TPG aims for over $9 billion valuation in U.S....

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


© 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:) Inc and Spotify Technology SA (NYSE:), 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.

The buyout giant, among the last major players in the industry to remain in a closely held partnership, has made its approach to go public several years after rivals such as Apollo Global Management (NYSE:) Inc, KKR & Co (NYSE:) Inc and Blackstone (NYSE:) Inc floated their shares.

Founded as Texas Pacific Group in 1992 by David Bonderman and Jim Coulter, TPG made its first investment in 1993 in the then bankrupt Continental Airlines.

It 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 surge in IPOs and merger and acquisition activity, which have fueled sharp rallies in shares of rivals.

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:), Morgan Stanley (NYSE:), TPG Capital BD LLC and BofA Securities are the lead underwriters for TPG’s offering. It expects to list on the Nasdaq under the symbol “TPG.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

RELATED ARTICLES

Debate – The Financial Express

The e-grocery market has seen the emergence of new-age, hyperlocal players, each outmaneuvering the other in terms of delivery timelines. Vaishnavi Gupta asks...

Jordan Cashmyer, 16 and Pregnant Star, Found Dead

Tragedy has struck the world of reality television. Jordan Cashmyer, who starred in on Season five of the MTV reality series 16 and Pregnant,...

Farrah Abraham ARRESTED for Allegedly Slapping Security Guard

Farrah Abraham was arrested on Saturday night after an altercation at a nightclub in Los Angeles. According to TMZ, the polarizing reality star --...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Debate – The Financial Express

The e-grocery market has seen the emergence of new-age, hyperlocal players, each outmaneuvering the other in terms of delivery timelines. Vaishnavi Gupta asks...

Jordan Cashmyer, 16 and Pregnant Star, Found Dead

Tragedy has struck the world of reality television. Jordan Cashmyer, who starred in on Season five of the MTV reality series 16 and Pregnant,...

Farrah Abraham ARRESTED for Allegedly Slapping Security Guard

Farrah Abraham was arrested on Saturday night after an altercation at a nightclub in Los Angeles. According to TMZ, the polarizing reality star --...

Christine Brown Beams in New Instagram Photo, Says She “Can Handle Anything”

For those wondering? For those unsure? For those seeking confirmation? Christine Brown is doing just fine and dandy in the wake of her split from Kody...

Recent Comments