Friday, 27 February 2015
Last updated 5 hours ago
Jun 21 2007 | 5:44pm ET
The Blackstone Group announced today that the initial public offering of 133 million common shares in the firm has been priced at $31 per share. The shares are expected to begin trading tomorrow on the New York Stock Exchange under the symbol “BX.”
Blackstone’s underwriters have a 30-day option to purchase up to 20,000,000 additional shares at the public offering price less underwriting discounts. The firm intends to use a portion of the proceeds from the IPO and the concurrent sale of $3 billion of an investment vehicle to purchase interests in its business from its existing owners, to repay short-term borrowings, provide capital to invest in its existing businesses and to expand into complementary new businesses, according to the firm.
Morgan Stanley and Citi are the global coordinators of the offering and representatives of the underwriters and, together with Merrill Lynch & Co., Credit Suisse, Lehman Brothers and Deutsche Bank Securities, joint book-running managers of the offering.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…