Blackstone IPO set for late June
The date has been set for Blackstone Group's ballyhooed initial public offering, according to published reports.
Blackstone Group’s ballyhooed initial public offering is set for the week of June 25, according to published reports.
While the final date for the offering has yet to be set, the IPO is set for a date early that week, unnamed underwriters said.
The company has been approved to list its shares under the symbol “BX.”
Blackstone is offering 133.3 million common units at $29 to $31 each, for proceeds of $3.87 billion to $4.13 billion (InvestmentNews, March 23).
Another 20 million units may be sold to meet demand, boosting the amount raised to as high as $4.75 billion.
The offering is being led by Morgan Stanley, Citigroup Inc., Merrill Lynch & Co. Inc., Credit Suisse Group, Lehman Brothers Holdings Inc. and Deutsche Bank AG.
Blackstone will sell 12.3% of its management arm in an offering expected to value the entire company at around $32 billion.
Earlier this week, the company said that chief executive Stephen Schwarzman made nearly $400 million in 2006 and is set to make another $677.2 million from the company’s IPO (InvestmentNews, June 11).
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