TPG launches IPO as markets wobble – International Financing Review

TPG launches IPO as markets wobble – International Financing Review

TPG, the private equity firm led by founders David Bonderman and Jim Coulter, is poised to join its biggest rivals on public markets via a long-awaited US$1.05bn Nasdaq IPO, a deal that comes as the alternative asset management industry faces a potentially tougher year after a golden period of excess returns.

The launch of the offering on Tuesday comes after a banner year that saw TPG pump out US$1.7bn of profits in the first nine months of 2021, although rising interest rates and a choppy start to the year for US stocks has already dragged down the stock prices of listed PE peers such as Blackstone (down 7.9%), KKR (–5.2%), The Carlyle Group (–6.3%) and Apollo Global Management (–4%) in the first four trading days of the year.

Joint bookrunners JP Morgan, Goldman Sachs, Morgan Stanley, Bank of America and in-house expertise in the form of TPG Capital Markets lead a syndicate of 24 banks marketing the sale of 33.9m TPG shares at US$28–$31 for pricing after the close on January 12.