TPG falls after $992 million secondary offering

Alternative asset manager TPG's TPG.O shares fall 4.4% to $47.70 premarket

TPG late Tuesday announced pricing of secondary offering of 21 million shares at $47.25 apiece

DB Holdings, a vehicle for the benefit of the estate of TPG co-founder David Bonderman, sold all shares in the secondary offering for proceeds of $992.3 million

Offering priced at 5.3% discount to stock's last close

J.P.Morgan was the underwriter for the offering

Stock closed down 1.8% at $49.90 on Tuesday

In connection with the offering, Bonderman Estate and certain related entities have entered into lock-up agreements to not sell TPG stock for nine months

Six of 14 brokerages rate stock "buy" or higher and 8 "hold"; median PT $55.50 - data compiled by LSEG

As of last close, TPG shares down 20.6% YTD