Blackstone Group LP, the private-equity powerhouse that controls corporate names like Universal Studios Orlando and cable operator Adelphia Communications, is just hours away from finalising terms to bring the firm public.
The nation's second-largest buyout fund, run by billionaires' Stephen Schwarzman and Peter G. Peterson, will spend Thursday monitoring investor appetite for what will likely be one of the biggest initial public offerings in US history. The 17 investment banks underwriting the deal will spend most of the day trying to determine if there's enough demand for the stock to hike its offering price.
Blackstone's IPO is expected to raise between $3.87 billion and $4.14 billion, with shares expected to sell for $29 to $31 before they begin trading Friday on the New York Stock Exchange. If it comes in at the high end of the range, it will be the sixth-largest US offering of all time and the biggest in nearly five years, according to Renaissance Capital and IPOHome.com.
Read more in The Economic Times article.
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