Blackstone IPO stalls after opening bump

Posted Jun 22nd 2007 1:27PM by Barry Summerlin
Filed under: Private Equity, Blackstone Group L.P (BX)

BX chart In its much-watched New York Stock Exchange debut, private equity firm The Blackstone Group LP (NYSE: BX) spent Friday narrowly trading within $1 of its $36.45 opening price. Amid selling elsewhere on Wall Street, Blackstone shares had settled at $35.43 by 3:30 p.m. on volume of 105.1 million, up 14.3% from its $31 initial-public-offering price.

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 offering represents a 12.3 percent stake in the buyout firm, giving Blackstone a capitalized value of $38.4 billion at the shares' late Friday price.

The Blackstone Group is a top global alternative asset manager and provider of financial advisory services. The firm manages about $88.4 billion in assets, concentrating recently on the commercial real-estate and hospitality industries.

More Blackstone coverage on BloggingStocks

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

Tags: Blackstone, initial public offering, InitialPublicOffering, IPO, private equity, PrivateEquity, The Blackstone Group, TheBlackstoneGroup

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6-27-2007 @ 9:22PM

Phantom X said...

Literati X in association with Bank of America and H.S.B.C in a joint venture offered to buy Blackstone
out the initial Public Offering business and begin a new era of hedge funds of realized earnings at the tune of six hundred and forty one billion backed by the US treasury department on-demand. . .