In its much-watched New York Stock Exchange debut Friday, private equity firm The Blackstone Group LP (NYSE: BX) closed at $35.06 on volume of 113.1 million shares, up 13.10% from its initial-public-offering price of $31. Blackstone's shares did however finish $1.39 lower than Friday's opening price of $36.45 after spending most of Friday's session stalled between $35 and $36.
Blackstone raised $4.13 billion Thursday in its 133.4-million-share IPO, the largest in the U.S. since CIT Group Inc. (NYSE: CIT)'s $4.6 billion IPO in 2002. The shares outstanding represent a 12.3 percent stake in the buyout firm; Friday's $4.06-per-share gains bring Blackstone's capitalized value from $33.5 billion to just under $38 billion -- not too shabby.
More Blackstone coverage on BloggingStocks
- Tom Taulli: Blackstone sixth among IPOs
- Tom Taulli: Expert on Blackstone IPO
- Peter Cohan: Napoleon-watch: Blackstone's disappointing debut
- Joseph Lazzaro: Is the Blackstone IPO right for you?
- Sarah Gilbert: Blackstone Group IPO: Do you want in?
- Peter Cohan: Blackstone IPO not a great deal for bankers or public
- Georges Yared: Blackstone Group: Going public because it can
- Tom Taulli: Blackstone IPO: Looking for the greater fool
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