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TriplePoint Venture Capital IPO Hits the Tape

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By Paul Ausick Updated Published
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IPO

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Closed-end, non-diversified investment firm TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) offered 8.33 million shares in an initial public offering (IPO) Thursday morning at a price of $15 a share. The underwriters have a 30-day option on an additional 1.25 million shares.

In a filing with the U.S. Securities and Exchange Commission the company said that immediately before the offering was priced TriplePoint acquired its initial portfolio of assets for approximately $121.7 million in cash. The company plans to use the net proceeds from the IPO and a concurrent private placement of common stock plus borrowings under the company’s credit facility to pay the outstanding balance on the bridge loan it used to acquire the initial portfolio.

TriplePoint plans to focus its investments on companies that have received investment capital from its Sponsor, TriplePoint Capital LLC, and expects to pay quarterly dividends at an average annual rate of 8.5%. For the quarter ending this month the company expects to authorize a dividend in the range of $0.30 to $0.34 a share.

So far today TriplePoint is defying the usual downturn that closed-end funds take on their IPOs and is trading up 3.3% at $15.50. About 2.1 million shares have been traded so far.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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