Private equity firm TPG Inc. priced its initial public offering at the midpoint of its marketed range, marking the first IPO out of the gate in 2022.
The Wall Street Journal reported Thursday that TPG and one of its investors sold the shares Wednesday for $29.50 each. TPG and China Life Insurance Group had offered 33.9 million shares at a price of between $28 and $31 a share.
The vaunted private equity firm initially announced its intentions to go public in mid-December.
At $29.50, the IPO will raise $1 billion, giving TPG a market value of $9 billion, based on the outstanding shares listed in its filings with the Securities and Exchange Commission.
The firm’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol TPG.
TPG’s offering comes as the IPO window appears to be closing. Nearly all the companies that have gone public so far this year have dropped below their offering prices amid concern over higher interest rates and potentially slowing growth.
TPG is one of the last big private equity firms to join the stock market, following firms including Blackstone (BX) – Get Blackstone Inc. Report, KKR & Co. (KKR) – Get KKR & Co. Inc. Report, Apollo Global Management (APO) – Get Apollo Global Management Inc. Class A Report, Ares Management (ARES) – Get Ares Management Corporation Report and Carlyle Group (CG) – Get Carlyle Group Inc Report.
Founded as a family office called Texas Pacific Group in 1992 by Jim Coulter and David Bonderman, TPG is known for making early and large investments in tech companies like Uber Technologies (UBER) – Get Uber Technologies, Inc. Report and Airbnb (ABNB) – Get Airbnb, Inc. Class A Report that are now household names.
TPG had $109 billion of assets under management as of Sept. 30, according to its prospectus. The company has more than 900 employees who help manage more than 280 portfolio companies based in some 30 countries globally.
