LFC China LIfe Insurance Company Limited

By Colin Kellaher

Alternative asset management firm TPG Inc. on Tuesday said it plans to sell about 28.3 million shares at between $28 and $31 apiece in its initial public offering.

At the $29.50 midpoint of that range, the firm with headquarters in San Francisco and Fort Worth, Texas, said it expects net proceeds of about $775.1 million, or roughly $825.2 million if the underwriters exercise an option to buy an additional 1.78 million shares.

TPG said current shareholder China Life Insurance (Group) Co. is selling another 5.59 million shares in the offering, bringing the size of the IPO to 33.9 million shares.

TPG said it plans to use about 40% of the net proceeds to buy partnership interests in the TPG operating entity from other existing investors, with the remainder earmarked to pay offering and reorganization expenses and for general corporate purposes.

The firm said it has applied to list its shares on the Nasdaq Global Select Market under the symbol TPG.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 04, 2022 07:02 ET (12:02 GMT)

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