CAA Owner TPG Raises $1B By Pricing IPO At $29.50 A Share – Reports – Deadline

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TPG, proprietor of CAA and 30% stakeholder in DirecTV, is on the right track to boost $1 billion when its inventory begins buying and selling Thursday on the Nasdaq at $29.50.

The pricing of the preliminary public providing, reported by The Wall Street Journal and different monetary media shops, values the agency at $9 billion. The firm filed final month for the providing. The pricing wound up in the midst of the vary TPG had specified final week.

Many latest IPOs have achieved less-than-stellar outcomes. Almost three-quarters of the 400 or so shares of corporations going public in 2021 are under their preliminary buying and selling costs. That end result has put a little bit of a damper on what had been a scorching IPO market.

In the company realm, Endeavor Group Holdings (which owns WME together with the UFC and quite a lot of different belongings throughout digital media, sports activities and leisure) went public final April. It needed to shelve a earlier IPO plan on the eleventh hour, citing adversarial market situations.

Since its founding as Texas Pacific Group in 1992, TPG has invested in a whole bunch of corporations throughout all sectors. Its present portfolio contains some 280 corporations. Along with CAA, the corporate is a stakeholder in Vice, Univision, STX Entertainment and tech corporations like Airbnb, Uber, Spotify and meditation app Calm. Last yr, it closed a deal for 30% of DirecTV, which earlier proprietor AT&T spun off into a brand new entity beneath separate administration. AT&T continues to personal the remaining 70% however the transaction took the declining asset off the telecom large’s steadiness sheet.

TPG joins a number of different giant non-public fairness corporations in publicly itemizing its inventory, together with Blackstone, the Carlyle Group, Apollo Global Management and KKR. With $109 billion in belongings beneath administration, Fort Worth, TX-based TPG is a fraction of the scale of these corporations.

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