CAA Owner TPG Raises $1B By Pricing IPO At $29.50 A Share – Reports
deadline.comTPG, owner of CAA and 30% stakeholder in DirecTV, is on course to raise $1 billion when its stock begins trading Thursday on the Nasdaq at $29.50.The pricing of the initial public offering, reported by The Wall Street Journal and other financial media outlets, values the firm at $9 billion.
The company filed last month for the offering. The pricing wound up in the middle of the range TPG had specified last week.Many recent IPOs have achieved less-than-stellar results.
Almost three-quarters of the 400 or so stocks of companies going public in 2021 are below their initial trading prices. That outcome has put a bit of a damper on what had been a sizzling IPO market.In the agency realm, Endeavor Group Holdings (which owns WME along with the UFC and a number of other assets across digital media, sports and entertainment) went public last April.
It had to shelve a previous IPO plan at the 11th hour, citing adverse market conditions.Since its founding as Texas Pacific Group in 1992, TPG has invested in hundreds of companies across all sectors.
Read more on deadline.com