On Thursday, TPG, previously known as Texas Public Group, began trading on Nasdaq after pricing its IPO at a $9 billion valuation. The 30-year-old firm finally went public, and now it will have to compete with its publicly traded rivals.
The IPO, priced at $29.50, will raise $1 billion. It will give TPG a market value of $9 billion, as per its filings with the SEC.
TPG, the American investment company’s listing on Nasdaq, has been the biggest stock market debut for this year, and the bankers would keep an eye on the stock to watch its performance. TPG sold the shares at $29.50, just the midpoint of its expected price range. TPG and China Life Insurance Group had offered 33.9 billion shares in the range between $28 and $31 per share.
“We have always been builders and innovators. We are very proud of what we have built.”
In an interview, Jim Coulter, the firm’s co-founder and executive chairman, said.
“We don’t need to do anything, except certain parts of the market that we’re currently not in,”
Jon Winkelried, the firm’s chief executive, said in an interview.
TPG had assets of $109 billion under management, as reported in its prospectus till September 30. It has around 900 employees managing more than 280 portfolio companies based in 30 countries across the globe.
The public listing will help the firm prepare for its future endeavors. The publicly traded stock will give TPG a new way of compensating employees and a chance to buy new businesses.
TPG has chosen to go public at a time when its rivals like Blackstone and KKR have outpaced S&P 500 over the previous year. TPG needs to prove its chances of growth now.
TPG, earlier known as the Texas Pacific Group, is an investment company focused on buyouts and growth capital. It manages investment funds in growth capital, venture capital, public equity, and investment.