TPG expects to achieve valuation of up to $9.3 billion (BRL 52.8 billion) in its IPO (initial stock offering), as the private equity firm approaches its listing on Scholarship after considering the idea for several years.
The company, investor of Airbnb, Uber and Spotify, said on Tuesday (4) that it plans to sell about 28.3 million shares at a range of $28 to $31 each. With that, it would raise around US$ 877.6 million at the upper end of the range. Its current investors plan to sell around 5.59 million shares.
The acquisition giant, one of the last big companies in the industry to still go private, made its approach to going public several years after rivals like Apollo Global, KKR and Blackstone were listed.
Founded as Texas Pacific in 1992, TPG made its first investment in 1993 in then-bankrupt Continental Airlines. Today, it has about $109 billion (BRL 618.8 billion) in assets under management, including companies ranging from retail to healthcare.
The listing plan comes amid a record increase in IPOs and mergers and acquisitions. That explosion boosted TPG’s profits, with net income for the nine months to September growing more than fivefold to $1.7 billion (R$9.65 billion).
TPG must be listed on Nasdaq under the symbol “TPG”.
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