TPG races towards $4 billion Greencross IPO with $700 million raise planned

Private equity firm TPG is preparing to return Australian pet care business Greencross to the ASX by the end of March 2026. The company is targeting an initial public offering of at least $700 million, which would value Greencross at more than $4 billion.

Transaction snapshot

• Deal value: $700-800 million IPO raise; $4 billion+ expected valuation

• Deal multiples: N/A

• Deal type: Initial public offering

• Investors: UBS, Barrenjoey and Jarden are acting as joint lead managers. TPG currently owns 55% of Greencross, while AustralianSuper and Healthcare of Ontario Pension Plan (HOOPP) hold the remaining 45%.

TPG's bankers met with potential investors in late 2024 to gauge interest in the float. Due diligence committee meetings are now in full swing. The firm expects to lock in cornerstone investors by late February 2026.

Greencross is generating annual earnings of more than $400 million. This is up from approximately $329 million in the 2022 financial year when TPG last attempted to sell the business. The company reported revenue of $2 billion for the 2025 financial year, a modest increase from $1.95 billion in 2024.

The IPO will mark Greencross's return to the ASX after an eight-year absence. TPG acquired the company from the ASX in 2019 for $675 million in equity value. In 2022, TPG sold a 45% stake to AustralianSuper and HOOPP at a valuation of more than $3.5 billion.

TPG's relatively small IPO size suggests the firm is betting on strong after-market performance to fully realise its return. The strategy would allow TPG to gradually exit its remaining position once Greencross is trading publicly.

Greencross owns the Petbarn, City Farmers and Greencross Vets brands. The business grew strongly during the pandemic as pet ownership increased across Australia. Chairman Joel Thickins heads TPG's Asia operations. Chief executive Lucas Barry took over on 1 January 2025.

Greencross and Quadrant Private Equity's Amart Furniture are expected to be among the first major IPOs to launch in 2026. Lower-than-expected inflation figures released in early January have supported consumer sentiment, which underpins both businesses.

Greencross will be the second-largest candidate in the 2026 IPO pipeline. AI infrastructure company Firmus Technologies is expected to be the largest, ahead of Bain Capital's aged care business Estia Health and Permira's radiology provider I-Med.