Blackstone Group Files for $4B Offering

Mar 22, 06:04 PM

Current Headlines: New York's Blackstone Group private-equity firm filed with the U.S. Securities and Exchange Commission Thursday for a $4 billion initial public offering.

In its filing, Blackstone said it sought public ownership to access new sources of permanent capital, enhance the company's brand and give itself money for acquisitions.

Its 221-page prospectus listed Morgan Stanley & Co., Citigroup Global Markets Inc., Merrill Lynch & Co., Credit Suisse Securities (USA) LLC, Lehman Brothers Inc. and Deutsche Bank Securities Inc. as underwriters.

It is our intention to preserve the elements of our culture that have contributed to our success as a privately owned firm, the company said.

The company also revealed it had $78.7 billion in assets under management as of March 1 and its $31.1 billion private-equity business returned 30.8 percent a year since its 1987 inception.

The private-equity business reported income before taxes of $1 billion last year.

After the offering, Chairman Stephen Schwarzman will receive no compensation other than a $350,000 salary, the prospectus said.

The prospectus did not say what Blackstone wanted its ticket symbol to be.