TPG is aiming for a $9.3 billion valuation in its initial public offering in the United States, as the private equity behemoth inches closer to a stock market flotation after flirting with the notion for several years.
The group, which owns interests in Airbnb Inc, Uber Technologies Inc, and Spotify Technology SA, said on Tuesday that it planned to sell 28.3 million shares in the offering, with prices ranging from $28 to $31.
At the upper end of the range, TPG would raise $877.6 million. Existing investors want to sell about 5.59 million shares, with no proceeds going to the company.
The buyout behemoth, one of the last major players in the industry to maintain a close-knit partnership, has announced its intention to go public several years after rivals Apollo Global Management Inc, KKR & Co Inc, and Blackstone Inc, floated their stock.
TPG was founded in 1992 by David Bonderman and Jim Coulter as Texas Pacific Group, and its first investment was in the then-bankrupt Continental Airlines in 1993.
It presently manages over $109 billion in assets across a variety of firms in industries ranging from retail to healthcare.
The intention to go public by the Fort Worth, Texas-based company comes amid a record spike in IPOs and merger and acquisition activity, which has spurred significant rallies in rival stock prices.
TPG’s earnings have soared as a result of the surge, with net income more than tripling to $1.7 billion in the nine months ending in September, according to its report. Its revenue jumped to $3.89 billion, from $564.4 million a year earlier.
The primary underwriters for TPG’s offering are J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD LLC, and BofA Securities. It plans to go public on the Nasdaq under the ticker symbol “TPG.”.
