Buyout Firm TPG’s IPO Prices in Range to Raise $1 Billion (2)

Private equity firm TPG Inc.and one of its investors raised $1 billion in 2022’s first big U.S. initial public offering, pricing the shares within a marketed range.

TPG and an existing strategic investorsold almost 34 million shares Wednesday for $29.50 each, according to a statement confirming an earlier report by Bloomberg News. TPG and China Life Insurance Group Co.had offered the shares for $28 to $31.

At the IPO price, TPG has a market value of $9 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

TPG, based in ...