Sunday, 29 November 2015
Last updated 2 days ago
Jun 22 2007 | 12:15pm ET
The Blackstone Group today sold $133.3 million shares in its initial public offering, raising more than $4.1 billion, but not without problems.
Shares were priced at $31 each and listed on the New York Stock Exchange under the symbol “BX.” The stock officially opened for trading at $36.45 at 9:52 this morning, but the National Stock Exchange and Alternative Display Facility jumped the gun, leading to trades topping $40 before the stock offically began trading.
The NYSE has asked both platforms to cancel the bad trades.
In legitimate trading, the stock has traded as high as $43, up almost 40% from its offer price.
The newly-public company now boasts a market capitalization of better than $40 billion. Most of the IPO proceeds go to founders Stephen Schwartzman and Peter Peterson, who will pocket a combined $2.33 billion.
Blackstone’s underwriters have a 30-day option to purchase up to 20 million additional shares. The firm intends to use a portion of the proceeds from the IPO and the concurrent sale of $3 billion of non-voting common shares to an investment vehicle established by the Chinese government to repay short-term borrowings, provide capital to invest in its existing businesses and to expand into new businesses.
Morgan Stanley and Citi are the global coordinators of the offering and representatives of the underwriters.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…