The pricing of the IPO, reported by The Wall Street Journal and other financial media, values the company at $9 billion. Company archived last month for the offer. The pricing ended in the middle of the range TPG had specified last week.
Many recent IPOs have had less than excellent results. Nearly three-quarters of the approximately 400 shares of companies that will go public in 2021 are below their original trading price. That outcome put a bit of a damper on what had been a blistering one IPO market.
On the agency side, Endeavor Group Holdings (which owns WME along with the UFC and a number of other digital media, sports and entertainment assets) went public last April. It had to suspend a previous IPO plan at the 11th hour, citing unfavorable market conditions.
Since its inception as the Texas Pacific Group in 1992, TPG has invested in hundreds of companies across all industries. The current portfolio includes about 280 companies. Together with CAA, the company is a stakeholder in Vice, Univision, STX Entertainment and technology companies such as Airbnb, Uber, Spotify and meditation app Calm. Last year, it struck a deal for 30% of DirecTV, which spun off the previous owner AT&T into a new entity under separate management. AT&T retains ownership of the remaining 70%, but the transaction took the declining asset off the telecom giant’s balance sheet.
TPG joins several other major private equity companies making their shares public, along with Blackstone, the Carlyle Group, Apollo Global Management and KKR. With $109 billion in assets under management, Fort Worth, TX-based TPG is a fraction of the size of those companies.