Billionaire David Bonderman’s TPG sets IPO terms valuing private equity firm at some $9B
Ian Tuttle/Getty Images Entertainment


TPG (TPG) released details Tuesday for its upcoming IPO, saying the deal could value the famed private equity firm at up to $9.3B.
The company said in an SEC filing that it intends to offer 28.3M Class A common shares at $28 to $31 each, while pre-IPO shareholder Hong Kong-based China Life Trustees will sell 5.6M Class A common shares as well.
Additionally, TPG has granted underwriters a 30-day option to purchase an additional 1.8M shares for overallotments, while China Life has given them an option to buy 1.6M overallotment shares on top of that. China Life Trustees is a subsidiary of China Life Insurance, the largest state-owned insurance company in China, according to its website.

The company, which is backed by billionaire investors David Bonderman and Jim Coulter, expects the stock to trade on Nasdaq under the symbol âTPG.â
Following the transaction, TPG (TPG) will have three classes of stock: Class A common stock for the public and non-voting Class A common and Class B common stock for company insiders and pre-IPO investors. All in, TPG expects to have approximately 306.9M total shares outstanding following the initial public offering.
TPG said in its filing that it expects to raise net proceeds of up to $825.2M from the deal based on an IPO share price of $29.50, which would fall at the mid-point of its offering range.
The company said it plans to use $382.1M of the cash to buy common units from certain existing owners of the TPG Operating Group. It will also use $415.4M (or $465.4M if the underwriterâs option is fully exercised) to acquire newly issued common units of the TPG Operating Group.
The company reported 2020 net income of $1.4B on revenue of $2.1B in its SEC filing. Thatâs up from net income of $1.2B on revenue of $2B for 2019.
For the nine-month period ended Sept. 30, 2021, TPG had revenue of $3.9B compared with $564M in the same 2020 period.
Founded in 1992 by Bass Family Office veterans Bonderman and Coulter, TPG has approximately $109 billion 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), Allogene (NASDAQ:ALLO) and now-private Genomic Health; and retailers Petco (NASDAQ:WOOF) and privately held J Crew.
For a closer look at TPGâs IPO, check out Seeking Alpha contributor Donovan Jonesâ column.