Private equity firm TPG sees shares soar on first day of trading with its value topping £7.5bn
Private equity firm TPG saw its shares soar in its first day of trading as its value topped £7.5billion.
The US investment business, which went public yesterday, rocketed by 15 per cent as its shares began trading on the stock market in New York.
The stock was initially priced at $29.50 but hit $33.97 in early afternoon.
US investment business TPG , which went public yesterday, rocketed by 15 per cent as its shares began trading on the stock market in New York
The stellar initial public offering (IPO) cemented the fortunes of TPG’s billionaire founders David Bonderman and Jim Coulter.
Coulter owns almost 3.5m of the Class A shares being offered in the IPO, now worth £86.5million, while Bonderman owns 780,000 worth £19million.
They also own almost all of the Class B shares, worth around £5.7billion.
Founded in 1992, Texas-based TPG owns more than 280 firms across more than 30 countries.
Traditionally, only major institutional investors and ultra-wealthy families have been able to put their money in private equity.
But several firms have gone public in recent years, giving regular shareholders the chance to gain exposure.