Alternative asset manager P10 eyes $2 billion valuation in U.S. IPO

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(Businesshala) – P10 Inc., the parent of investment firm P10 Holdings Inc., said on Tuesday it is targeting a valuation of about $2 billion in its initial public offering in the United States.

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Dallas-based P10 focuses on lower-middle market deals in areas such as private equity, venture capital and private debt, and operates four divisions that include RCP Advisors and TrueBridge Capital Partners.

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Businesshala exclusively reported on the company’s listing plans last month.

P10 is offering 11.5 million shares of its Class A common stock, with stockholders seeking to sell 8.5 million shares. On top of a price range of $14 to $16 per share, the company will raise $320 million through an IPO.

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The proceeds from the shares sold by the selling shareholders will not go to the company.

Other asset managers such as private-equity giants TPG and L Catterton are also seeking public listings, as shares of major buyout firms have risen this year.

Shares of Blackstone Inc. have risen nearly 77 per cent this year, while KKR & Co. has gained 62 per cent.

Shares of P10 will be listed on the New York Stock Exchange under the symbol “PX”.

Reporting by Niket Nishant in Bengaluru; editing by Uttaresh.V

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