Asset Manager TPG Prices US$1 Billion IPO

Private equity firm TPG Inc. (Nasdaq: TPG) began trading on the Nasdaq Global Select Market today. The firm’s initial public offering is looking to raise US$1.0 billion and is expected to close on January 18, 2022.

The offering consists of 33.9 million Class A common shares selling at US$29.50 per share. The firm is selling 28.3 million of the shares while the selling stockholder China Life Trustees is selling the remaining 5.6 million shares.

The company intends to use around 40% of the proceeds “to purchase partnership interests in the TPG operating entity from other existing strategic investors.”

The company granted a 30-day over-allotment option to purchase additional 3.39 million common shares at the same IPO price. J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, and TPG Capital BD are acting as the lead bookrunners for the said offering.

In its filed prospectus, the global alternative asset management firm said it has approximately US$109 billion in assets under management as of September 30, 2021. The company also reported US$3.9 billion in revenue and US$3.8 billion in net income for the nine months ending September 30, 2021.

Related to its IPO, the firm’s CEO Jon Winkelried and co-founder & executive chairman Jim Coulter rang the Nasdaq opening bell today.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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