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TPG has successfully closed its initial public offering, selling 33,900,000 shares of Class A common stock at $29.50 per share. This offering includes 28,310,194 shares from TPG and 5,589,806 shares from a strategic investor, with an additional 3,390,000 shares available for underwriters. TPG's stock is now listed on NASDAQ with the ticker symbol TPG. The firm manages $109 billion in assets globally and operates out of 12 offices.
Positive
Successful IPO closing with 33,900,000 shares sold.
Strong price point of $29.50 per share.
Access to additional shares for underwriters, hinting at strong market interest.
Overall asset management of $109 billion, indicating substantial investment capacity.
Negative
Dilution risk for existing shareholders due to new shares issued.
SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--
TPG, a leading global alternative asset management firm, today announced the closing of its initial public offering of 33,900,000 shares of its Class A common stock at a public offering price of $29.50 per share. The offering consisted of 28,310,194 shares issued and sold by TPG and 5,589,806 shares sold by an existing strategic investor. The underwriters have a 30-day option to purchase an additional 3,390,000 shares of common stock, consisting of 1,775,410 shares from the Company and 1,614,590 shares from the existing strategic investor. TPG’s stock is listed on NASDAQ under the symbol “TPG.”
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and TPG Capital BD, LLC acted as joint lead book-running managers for the offering. BofA Securities, Citigroup, Deutsche Bank Securities, Evercore ISI, UBS Investment Bank, Wells Fargo Securities, BMO Capital Markets and Barclays acted as joint book-running managers, and Mizuho Securities, Keefe Bruyette & Woods, a Stifel Company, MUFG, SMBC Nikko, AmeriVet Securities, Blaylock Van, LLC, C.L. King & Associates, Drexel Hamilton, R. Seelaus & Co., LLC, Ramirez & Co., Inc., and Siebert Williams Shank acted as co-managers for the offering.
A registration statement relating to the sale of these securities was declared effective by the Securities and Exchange Commission on January 12, 2022. The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, via telephone: (866) 471-2526, or via email: prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About TPG
TPG is a leading global alternative asset management firm founded in San Francisco in 1992 with $109 billion of assets under management and investment and operational teams in 12 offices globally. TPG invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.
