Private equity firm TPG has submitted administrative work for a first sale of stock in the United States, as per an regulatory filing on Thursday, as it seeks to better compete with its publicly traded peers.
Fort Worth, Texas-headquartered TPG, which didn’t uncover the number of shares it intends to sell or the demonstrative price range, is known for its leveraged buyouts. The asset manager could be valued at around $10 billion, the news had reported in June, citing sources.
Established in 1992 by David Bonderman and Jim Coulter, TPG was dispatched as Texas Pacific Group in Mill Valley, California. Its first major investment was in the then bankrupt Continental Airlines in 1993.
TPG’s move to go public coincides with record-breaking levels of IPOs and dealmaking as well as impressive stock market rallies of its listed rivals.
Shares of opponents Apollo Global Management, KKR and Co, Carlyle Group and Blackstone Inc have ascended somewhere in the range of 43% and 94% up until this point this year.
Net income attributable to TPG’s controlling advantages was $1.7 billion for the nine months finished September, its filing showed.
TPG, which has contributed across areas from retail to healthcare, has around $109 billion in resources under management.
Its portfolio includes Airbnb, Burger King, Uber and Spotify.
TPG has likewise dispatched a few area and locale centered funds, including TPG Biotech and a development value stage which put resources into online survey company.
It was among the main private value firms to put resources into China, its website showed.
TPG has likewise supported various particular purpose acquisition companies.
JPMorgan, Goldman Sachs, Morgan Stanley, TPG Capital BD LLC and BofA Securities are the lead underwriters for the contribution, later which TPG hopes to list on the Nasdaq under the symbol “TPG.”