Blackstone Prices $4.1 Billion IPO

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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...