Private Equity
TPG eyes $9.5B valuation in IPO
January 4, 2022
TPG has kicked off its IPO roadshow, with the private equity firm planning to sell 28.3 million shares of stock priced between $28 and $31 apiece. At the high end of the range, TPG would raise more than $877 million. The firm is seeking a valuation of up to $9.5 billion.
TPG, which is expected to begin trading on the Nasdaq under the ticker TPG next week, is the latest in a trend of private equity public offerings. However, European firms have made up the majority of this current wave. In 2021, Paris-based Antin Infrastructure Partners and London-based Bridgepoint Advisers each held an IPO in their home markets. Swedish firm EQT held an IPO in 2019.
US firms led their own wave more than a decade ago, when PE giants including KKR, Apollo Global Management and The Carlyle Group debuted.
Strong appetite among public market investors for private market assets has set the stage for more European listings, with France's Ardian and UK PE giant CVC Capital Partners reportedly eyeing plans to go public this year.
In addition to being the first big IPO of 2022, TPG's offering is poised to be the largest in the current wave of PE firms going public.
For TPG and other US firms, it's an appealing time to go public, based on the market performance of their peers, which have outperformed the S&P 500 considerably. While the S&P grew about 115% over the past five years, Blackstone's stock climbed 445% during the same period. KKR rose 409%, Apollo 290% and Carlyle 268%.
Featured image by SOPA Images/Getty Images
TPG, which is expected to begin trading on the Nasdaq under the ticker TPG next week, is the latest in a trend of private equity public offerings. However, European firms have made up the majority of this current wave. In 2021, Paris-based Antin Infrastructure Partners and London-based Bridgepoint Advisers each held an IPO in their home markets. Swedish firm EQT held an IPO in 2019.
US firms led their own wave more than a decade ago, when PE giants including KKR, Apollo Global Management and The Carlyle Group debuted.
Strong appetite among public market investors for private market assets has set the stage for more European listings, with France's Ardian and UK PE giant CVC Capital Partners reportedly eyeing plans to go public this year.
In addition to being the first big IPO of 2022, TPG's offering is poised to be the largest in the current wave of PE firms going public.
For TPG and other US firms, it's an appealing time to go public, based on the market performance of their peers, which have outperformed the S&P 500 considerably. While the S&P grew about 115% over the past five years, Blackstone's stock climbed 445% during the same period. KKR rose 409%, Apollo 290% and Carlyle 268%.
Featured image by SOPA Images/Getty Images
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