TPG is aiming for a valuation of as much as $9.3 billion in its U.S. initial public offering, as the private equity powerhouse finally moves closer to a stock market flotation after toying with the idea of going public for several years.
Founded as Texas Pacific Group in 1992 by David Bonderman and Jim Coulter, TPG made its first investment in 1993 in the then bankrupt Continental Airlines.
It now has around $109 billion in assets under management spread across companies in sectors from retail to healthcare. The Fort Worth, Texas-based firm's move to go public comes amid a record surge in IPOs and merger and acquisition activity, which have fueled sharp rallies in shares of rivals. That boom has boosted earnings at TPG, with net income for the nine months to September jumping more than fivefold to $1.7 billion, its filing showed. Its revenue surged to $3.89 billion, from $564.4 million a year earlier.
J.P. Morgan, Goldman Sachs, Morgan Stanley, TPG Capital BD LLC and BofA Securities are the lead underwriters for TPG's offering. It expects to list on the Nasdaq under the symbol "TPG."Reporting by Sohini Podder and Manya Saini in Bengaluru; Editing by Aditya SoniSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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