TPG makes market debut, raising over $1B (update)
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Billionaire David Bondermanâs TPG (NASDAQ:TPG) made its market debut Thursday morning with shares opening at $33 per share after pricing at $29.50, raising just over $1B.
Shares closed up 15% at $34 after hitting a session high of $34.99.

Late Wednesday, TPG priced 33.9M shares of Class A common stock at $29.50 a share. The deal included 28,310,194 shares offered by the company and 5,589,806 by an existing investor. TPG said in an SEC filing made earlier this month that the selling investor in the IPO would be Hong Kong-based China Life Trustees.
Underwriters were granted an option to purchase up to 3.39M additional shares to cover any overallotments. The company will not receive any proceeds from the sale of shares by the existing investor.
The company had previously said it planned to price the shares between $28 and $31.
TPG said it intends to use around 40% of the net proceeds from the deal to purchase partnership interests in the TPG operating entity from other existing investors. The remainder will be used for general corporate purposes.
Founded in 1992 in San Francisco by Bonderman and Jim Coulter, TPG is an alternative asset management firm with $109B in assets under management.
The firmâs current or former investments include tech platforms Uber (NYSE:UBER), Airbnb (NASDAQ:ABNB), Spotify (NYSE:SPOT) and Etsy (NASDAQ:ETSY); biotech companies BioCryst (NASDAQ:BCRX) and Allogene (NASDAQ:ALLO); and retailer Petco (NASDAQ:WOOF).
For a closer look at TPGâs IPO, check out Seeking Alpha contributor Donovan Jonesâ column.