Photo: Carlyle Group
We’ve been waiting the private equity firm, The Carlyle Group, to go public for what seems like forever.And now they’ve finally done it. The firm officially went public after trading today, selling 30.5 million shares at $22 a pop. It will be listed on the NYSE.
According to Fortune, that means that the firm now has an initial market cap of $6.9 billion and has raised $671 million. Co-founders David Rubenstein, Bill Conway and Daniel D’Aniello will each own about 15% of the firm.
And by the way, it’s worth mentioning that pricing in $22 is lower than Carlyle had wanted. The firm initially wanted to price in at $23-$25 a share.
Here’s the press release:
Washington, DC – Global alternative asset manager The Carlyle Group L.P. today announced that it has priced the initial public offering of 30.5 million of its common units at $22 per unit. The units are expected to start trading tomorrow, May 3, 2012, on the NASDAQ Global Select Market under the symbol “CG.” The Carlyle Group L.P. has granted the underwriters a 30-day option to purchase up to 4.575 million additional common units at the public offering price less underwriting discounts. Carlyle intends to use the net proceeds from the offering to repay indebtedness and for general corporate purposes, including general operational needs, growth initiatives, acquisitions and strategic investments and to fund capital commitments to, and other investments in and alongside of, its funds.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are joint book-running managers for the offering.
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