Stock Groups

Private equity firm TPG aims for over $9 billion valuation in U.S. IPO -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: James Coulter is co-founder at private equity firm TPG Capital. Originally known as Texas Pacific Group. He speaks to the Bloomberg Global Business forum, New York. September 26, 2018. REUTERS/Shannon Stapleton

(Reuters] -Private equity group TPG announced Tuesday that it would seek a valuation in excess of $9.3B in order to launch its US initial public offering.

Fort Worth-based firm plans to sell approximately 28.3 millions shares at prices between $28 and $30 each. At the high end, it would bring in $877.6million.

TPG shareholders currently own 5.59million shares. However, any proceeds will not be donated to the firm.

TPG was founded in 1992 by Jim Coulter and David Bonderman. Its original name was Texas Pacific Group, which is located in Mill Valley in California. TPG’s initial major investment was made in 1993 in Continental Airlines, which had been bankrupt.

The portfolio includes investments in Airbnb Inc., Burger King and Uber Technologies (NYSE) Inc. Spotify Technology SA (NYSE:). TPG also sponsors special-purpose acquisitions companies.

J.P. Morgan, Goldman Sachs (NYSE:), Morgan Stanley (NYSE:), BofA Securities, TPG Capital BD LLC and TPGCapital BD LLC are the leading underwriters.

It expects to list under “TPG” on Nasdaq.

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