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Global private equity firm TPG to list in New York

(Reuters) -Private equity firm TPG has submitted paperwork for an initial public offering in the United States, according to a regulatory filing on Thursday, as it seeks to better compete with its publicly traded peers.

Fort Worth, Texas-headquartered TPG, which did not reveal the number of shares it plans to sell or the indicative price range, said it plans to list on the Nasdaq under the symbol “TPG.”

Known for its leveraged buyouts, TPG could be valued at around $10 billion, the Wall Street Journal had reported in June, citing sources.

Founded in 1992 by David Bonderman and Jim Coulter, TPG was launched as Texas Pacific Group in Mill valley, California. Its first major investment was in then-bankrupt Continental Airlines in 1993, according to TPG website.

Net income attributable to TPG’s controlling interests was $1.7 billion for the nine months ended September on revenue of $3.9 billion, its filing showed.

TPG, which has invested across sectors from retail to healthcare, has around $109 billion in assets under management.

Its portfolio includes short-term home rental firm Airbnb Inc, fast food restaurant chain Burger King, ride-hailing company Uber Technologies (NYSE:UBER) Inc and Swedish audio-streaming platform Spotify Technology SA (NYSE:SPOT).

TPG has also sponsored multiple special purpose acquisition companies, or SPACs, that raise funds through IPOs to merge with a privately held companies and take them public.

It was among the first private equity firms to invest in China, its website showed, and also created a dedicated Asia fund to explore investment opportunities in the region.

J.P. Morgan, Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), TPG Capital BD LLC and BofA Securities are the lead underwriters for the offering.


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