Private equity firm TPG has raised $ 1 billion in IPOs from Reuters

By Echo Wang

(Reuters) – Private equity firm TPG said on Wednesday it raised $ 1 billion in its initial U.S. public offering (IPO) at a valuation of $ 9.1 billion.

TPG’s stock market debut is a decade after most of its major members went public. The company spent years recovering from underinvestment in the 2000s and diversifying its private equity platform in growth and socially impactful investments.

With the shares of many publicly traded companies close to all-time highs, and peers like EQT (NYSE 🙂 AB and Bridgepoint Group Plc launching IPOs that have been well-received in the market over the past three years, TPG decided it was time to move on.

He faced a turbulent market. Three other IPOs, including the TypTap Insurance Group, were suspended this week as investors ’concerns about volatile inflation and higher interest rates boosted market volatility.

TPG said on Wednesday that its IPO was priced at $ 29.50 per share. The buying company said this week that it intends to sell the shares for between $ 28 and $ 31.

Fort Worth, Texas, has nearly $ 10 trillion in assets under management, including Airbnb Inc., which invests in companies. Spotify Technology SA (NYSE :), Burger King and McAfee Corp.

TPG said in a regulatory filing that it intends to use the proceeds from the offer to fund growth initiatives and expenditures.

About 40% of the capital raised would be for TPG shareholders who want to make money. This excludes its founders, who currently intend to maintain their stakes.

Founded in 1992 by David Bonderman and Jim Coulter, TPG was launched as the Texas Pacific Group in Mill Valley, California. His first major investment in the hour was the failure of Continental Airlines in 1993.

JP Morgan, Goldman Sachs (NYSE :), Morgan Stanley (NYSE :), TPG Capital BD LLC and BofA Securities are the main contractors in TPG’s offering.