1 unchanged sentence
Shares of our Class A common stock are listed on the Nasdaq Global Select Market under the symbol “TPG.”
−Removed: The number of holders of record of our Class A common stock as of March 25, 2022 was 75.
+Added: The number of holders of record of our Class A common stock as of February 21, 2023 was 78.
This does not include the number of stockholders that hold shares in “street-name” through banks or broker-dealers.
2 unchanged sentences
Although we expect to pay at least 85% of our DE as a dividend, the percentage of our DE paid out as a dividend could fall below that target minimum.
−Removed: We expect that our first quarterly distribution will be paid in the second quarter of 2022 in respect of the prior quarter.
All of the foregoing is subject to the further qualification that the declaration and payment of any dividends are at the sole discretion of the Executive Committee prior to the Sunset and the Executive Committee may change our dividend policy at any time, including, without limitation, to reduce such dividends or even to eliminate such dividends entirely.
−Removed: For more information on DE, see “Item7.—Management’s Discussion and Analysis of Financial Results of Operation—Non-GAAP Financial Metrics—DE.”
+Added: For more information on DE, see “Item7.—Management’s Discussion and Analysis of Financial Results of Operation—Non-GAAP Financial Metrics—Distributable Earnings.”
Prior to the Sunset, any future determination as to the declaration and payment of dividends, if any, will be at the discretion of the Executive Committee and will depend on a number of factors, including:
10 unchanged sentences
We need to cause the TPG Operating Group to make distributions to us sufficient to pay our taxes and other obligations (including those pursuant to the Tax Receivable Agreement), and if we decide to pay a dividend, in an amount sufficient to cover such dividend.
−Removed: If the TPG Operating Group makes such distributions to us, the other holders of Common Units, including the TPG Partner Vehicles and certain
−Removed: Pre-IPO Investors, will be entitled to receive pro rata distributions.
+Added: If the TPG Operating Group makes such distributions to us, the other holders of Common Units, including the TPG Partner Vehicles and certain Pre-IPO Investors, will be entitled to receive pro rata distributions.
Holders of our Class B common stock will not be entitled to cash dividends distributed by TPG Inc.
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The shares of Class A common stock were sold at an offering price to the public of $29.50 per share.
−Removed: We received net proceeds from the IPO of approximately $793.4 million, net of $41.8 million in underwriting discounts and commissions, and the selling stockholder received net proceeds from the IPO of approximately $156.7 million, net of $8.2 million in underwriting discounts and commissions.
+Added: We received proceeds from the IPO of approximately $770.9 million, net of $41.8 million in underwriting discounts and commissions, as well as $22.5 million of issuance costs, and the selling stockholder received net proceeds from the IPO of approximately $156.7 million, net of $8.2 million in underwriting discounts and commissions.
The sale of additional shares to the underwriters pursuant to the underwriters’ option to purchase additional shares resulted in net proceeds to us of approximately $49.8 million, net of $2.6 million in underwriting discounts and commissions, and to the selling stockholder of approximately $45.2 million, net of $2.4 million in underwriting discounts and commissions.
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We did, however, bear the costs associated with the sale of shares by the selling stockholder, other than underwriting discounts and commissions.
−Removed: We estimate that we incurred offering expenses of approximately $31.8 million.
+Added: We incurred offering expenses of $34.2 million.
Our use of proceeds was consistent with the final prospectus filed on January 14, 2022:
20 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.