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Vaunted Private Equity Firm TPG Files for IPO

TPG didn’t specify the planned offering size, but sources told The Wall Street Journal in June that it could be valued at $10 billion.
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Renowned private equity firm TPG filed for an initial public offering with the Securities & Exchange Commission Thursday.

It didn’t specify the planned offering size, but knowledgeable sources told The Wall Street Journal in June that it could be valued at $10 billion. Fort Worth-based TPG was started by David Bonderman and Jim Coulter as Texas Pacific Group in 1992.

TPG’s main peers have gone public already, including Apollo Global Management  (AINV) - Get Apollo Investment Corp. Report, Blackstone  (BX) - Get Blackstone Inc. Report, Carlyle Group  (CG) - Get Carlyle Group Inc Report and KKR  (KKR) - Get KKR & Co. Inc. Report. Their stocks have skyrocketed this year, with Blackstone gaining 92% to date.

TPG registered profit of $3.82 billion in the first nine months of the year, exploding from $295.17 million in the year-earlier period, according to its SEC filing. It had $109 billion in assets under management as of Sept. 30.

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The company plans to list on the Nasdaq Global Select Market with the ticker “TPG.”

It has invested in a wide range of industries, including major commitments to technology. Some of its big name holdings have included Airbnb Inc ABNB, Burger King, Uber Technologies UBER, Spotify Technology SPOT and SurveyMonkey. Its first big foray was in Continental Airlines in 1993, Reuters reports.

In other IPO news, social media platform Reddit announced Wednesday that it has confidentially filed with the SEC for an IPO. The number of shares to be offered and the price range have yet to be determined, it said.

Reddit jumped into the spotlight early this year, after its WallStreetBets members banded together and targeted meme stocks like GameStop GME.