TPG, a global alternative asset manager, announced terms for its IPO on Tuesday.
The Fort Worth, TX-based company plans to raise $1.0 billion by offering 33.9 million shares (57% straight and synthetic secondary) at a price range of $28 to $31. At the midpoint of the proposed range, TPG would command a fully diluted market value of $9.3 billion. The company plans to issue a quarterly dividend representing at least 85% of its share of distributable earnings.
TPG ended the most recent quarter with $109.1 billion in assets under management, a 13.4% CAGR since 2016. The firm states that its investing approach focuses around five platforms: (1) Capital, (2) Growth, (3) Impact, (4) Real Estate and (5) Market Solutions. These platforms include its well-known buyout funds, growth equity funds, impact investing, real estate holdings, and public equities, SPACs, and capital markets activities.
TPG was founded in 1992 and booked $5.4 billion in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol TPG. J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD, BofA Securities, Citi, Deutsche Bank, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets, and Barclays are the joint bookrunners on the deal. It is expected to price during the week of January 10, 2022.
