Blackstone To Raise Up To $4.75B In IPO

May 21 2007 | 11:11am ET

Buoyed by a $3 billion investment from the Chinese government, the Blackstone Group increased the size of its proposed initial public offering by 20% today.

The New York-based private equity giant said in a regulatory filing today that it will sell up to 153.3 million shares for between $29 and $31 dollars each in a listing on the New York Stock Exchange. At the high end, the IPO could net Blackstone $4.75 billion, valuing the firm at $33.6 billion.

Blackstone’s founders, Stephen Schwarzman and Peter Peterson, will remain majority owners of the firm after agreeing to sell almost $8 billion of it over the past two days.

Yesterday, the firm struck a deal with the Chinese government, whose soon-to-be-founded State Investment Co. will take a non-voting 10% stake in the firm for its $3 billion.

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