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Carlyle trims IPO price to US$22 a share
By Louise Ho |
May 3, 2012, Thursday
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Online Edition
Online Edition
AMERICAN-BASED private equity investment company Carlyle Group LP priced its initial public offering at US$22 per share after the closing bell on Wednesday in the US, below its expected price range.
The IPO price has been lowered from US$23-25 per share as Carlyle is trying to attract more investors.
Carlyle sold 30.5 million units at US$22 each and raised US$671 million, less than half of the market capitalization of Blackstone. Proceeds from the listing will be used to pay down debt and finance operational needs, Carlyle said in a statement.
The company said earlier it would offer investors a discount in its IPO to rivals like Blackstone Group and Apollo Global Management LLC, whose share prices have dropped since their IPOs. Blackstone shares have plummeted 56 percent since its 2007 IPO, while Apollo lost 32 percent. Private equity firm Oaktree Capital Group also dropped 6 percent since debuting in April.
Carlyle Group, which manages total assets of US$147 billion, will start trading today on the Nasdaq stock exchange.
The IPO price has been lowered from US$23-25 per share as Carlyle is trying to attract more investors.
Carlyle sold 30.5 million units at US$22 each and raised US$671 million, less than half of the market capitalization of Blackstone. Proceeds from the listing will be used to pay down debt and finance operational needs, Carlyle said in a statement.
The company said earlier it would offer investors a discount in its IPO to rivals like Blackstone Group and Apollo Global Management LLC, whose share prices have dropped since their IPOs. Blackstone shares have plummeted 56 percent since its 2007 IPO, while Apollo lost 32 percent. Private equity firm Oaktree Capital Group also dropped 6 percent since debuting in April.
Carlyle Group, which manages total assets of US$147 billion, will start trading today on the Nasdaq stock exchange.
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