Reuters aims to raise more than $ 9 billion in private equity TPG at US IPO

(Reuters) – The TGG is targeting $ 9.3 billion in its initial US public offering, as the power of private capital is finally approaching a stock market after several years of playing with the idea of ​​going public.

Company, Airbnb Inc., Uber Technologies (NYSE 🙂 Inc. and Investor Spotify Technology SA (NYSE 🙂 said on Tuesday that it intended to sell about 28.3 million shares with a bid price of $ 28 to $ 31.

The TPG would raise about $ 877.6 million at the upper end of the range. Existing investors plan to sell approximately 5.59 million shares, and their profits will not be for the company.

The purchasing giant, one of the main players in the industry that has remained in close cooperation, has been on the market for several years, following rivals such as Apollo Global Management (NYSE 🙂 Inc., KKR & Co. (NYSE 🙂 Inc. and Blackston (NYSE 🙂 Inc. marketed their shares.

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

It currently manages about $ 109 billion in assets distributed to companies in the retail and healthcare sectors.

The move by the Texas-based company to the stock market in Fort Worth has been marked by a rise in IPOs and a surge in merger and acquisition activity, which has led to large rallies of rival stocks.

This boom has boosted TPG’s profits, and its net income for the nine months to September has more than quintupled to $ 1.7 billion, according to its file. Its revenue rose to $ 3.88 billion, up from $ 564.4 million a year earlier.

JP Morgan, Goldman Sachs (NYSE :), Morgan Stanley (NYSE :), TPG Capital BD LLC and BofA Securities are the main contractors for TPG’s offering. He hopes to be listed on the Nasdaq under the “TPG” symbol.