The Blackstone Group has priced its 133,333,334 common units at $31 per unit, the top of an expected range.
The IPO is the biggest US debut in five years, raising $4.133 billion for Blackstone. The firm has also finalised the sale of $3 billion worth of non-voting common units to an investment fund controlled by the People’s Republic of China.
The Blackstone IPO has become a lightning rod for politicians and labour unions, who object to the event for a range of reasons, from concerns over inequitable tax rules to espionage fears related to China’s investment.
Morgan Stanley and Citi are the global coordinators of the offering. Merrill Lynch, Credit Suisse, Lehman Brothers and Deutsche Bank Securities are joint book-running managers of the offering.