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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note