Private equity firm TPG disclosed on Tuesday it is aiming for a $9.5 billion valuation in its U.S. initial public offering (IPO), as it presses on with a stock market flotation later this month.
The underperformance of its peers’ shares over much of the last decade gave TPG pause in pursuing a public listing, sources previously said. The firm was also trying to recover from a string of poor investments in the 2000s and diversify its private equity platform into growth and social impact investing.
With interest rates at record lows and the global economic recovery from the COVID-19 pandemic turbocharging the buyout industry’s profits and driving a rally in the shares of its peers, TPG decided to pull the IPO trigger.
The Fort Worth, Texas-based firm, an investor in Airbnb Inc (ABNB.O), Uber Technologies Inc (UBER.N) and Spotify Technology SA (SPOT.N), said it planned to sell about 28.3 million shares priced between $28 and $31 apiece in the offering.
