Renowned private equity giant $TPG Inc(TPG.US)$ rose 12% in its trading debut.
Vaunted private equity firm TPG priced its anticipated IPO at $29.50 a share, in the first big test of the IPO market in the new year.
The pricing is at the midpoint of its projected range for the offering of $28 to $31 a piece. According to Barron's, at $29.50 a share, TPG’s valuation is $9 billion.
Founded in 1992 by David Bonderman and Jim Coulter, TPG was launched as Texas Pacific Group in Mill valley, California and is known for its leveraged buyouts.
The firm is an early investor in businesses such as Uber Technologies Inc. and Airbnb Inc. According to its SEC filing, it had $109 billion in assets under management as of Sept. 30.
TPG is one of the last big private equity firms to join the stock market. Its main peers have gone public already, including $Apollo Investment Corp(AINV.US)$, $Blackstone(BX.US)$, $The Carlyle Group(CG.US)$ and KKR$KKR & Co(KKR.US)$ .
Overall, TPG has investments in more than 280 companies. The firm has invested across sectors from retail to healthcare. Its portfolio includes $Airbnb(ABNB.US)$, Burger King, $Uber Technologies(UBER.US)$ and $Spotify Technology(SPOT.US)$.
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