TPG Inc. set terms for a U.S. initial public offering that could raise as much as $1.05 billion, as it joins larger rivals like Blackstone Inc. in listing on the stock market.
The private equity firm and one of its existing backers, China Life Insurance Group Co., plan to offer 33.9 million shares at $28 to $31 apiece, according to a filing Tuesday with the U.S. Securities and Exchange Commission. At the top of that range, TPG could be valued at $9.5 billion, based on the number of shares listed in the prospectus.
TPG had $109 billion of assets under management as of Sept. 30, according to its prospectus. TPG, which also invests in real estate and hedge funds, has its own SPAC platform.
JPMorgan Chase & Co., Goldman Sachs Group Inc., Morgan Stanley, TPG Capital and Bank of America Corp. are leading the offering. The private equity firm plans to list on the Nasdaq Global Select Market under the symbol TPG.
Read more/Source: Yahoo Finance
