Blackstone sets IPO as China to take stake

Blackstone Group LP on Monday said it planned to raise as much as $4.13 billion in its initial public offering, one of the year's most eagerly awaited from a U.S. company.

The news comes after Blackstone on Sunday said China's new state investment agency would take a $3 billion nonvoting stake in the private equity firm.

In a filing with the U.S. Securities and Exchange Commission, Blackstone said it planned to offer 133.3 million common units at $29 and $31 each, generating proceeds of $3.87 billion to $4.13 billion.

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- Posted: 2007-05-21 08:16:24

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