TPG Capital is reportedly accelerating plans for a blockbuster return of Greencross to the ASX, with dealmakers targeting a valuation above $4 billion and a capital raising of more than $700 million before the end of March.
The private equity firm is weighing an initial public offering of about $700 million to $800 million for the pets and veterinary group, which would rank among Australia's largest market debuts of 2026 and cap a long-running exit process.
Bankers UBS, Barrenjoey and Jarden have been engaged on the float and met a select group of institutional investors late last year, flagging a relatively modest free float.
Due diligence committee meetings are now underway, while cornerstone investors are expected to be secured by late February.
Greencross, which owns the Petbarn, City Farmers and Greencross Vets brands, is understood to be generating more than $400 million in annual earnings, up sharply from about $329 million in the 2022 financial year when TPG last explored sale options.
TPG acquired Greencross for $675 million in 2018, delisting it from the ASX, and in 2022 sold a 45% stake to AustralianSuper and the Healthcare of Ontario Pension Plan at a valuation above $3.5 billion.
A smaller IPO would leave TPG relying on strong aftermarket performance to fully realise its investment.
If completed, the float would mark Greencross' return to public markets after an eight-year absence.