Blackstone Group is a global asset manager and a provider of financial advisory services; however, it's known primarily for its Private Equity (PE) business. The $31 a share IPO which opened on June 22, 2007, valued Blackstone at $33.48 billion which is about a third of Goldman Sachs Group Inc.'s market value and around three-quarters
of that of Lehman Brothers. During the IPO 12.3% stake was offloaded. The IPO mopped up around $3.48 billion for Blackstone and a separate deal to sell around 10% stake to China added $3 billion to IPO proceeds.
The Blackstone IPO had great names of financial markets as its underwriters, like Morgan Stanley and Citigroup, which have the option to buy 20 million more shares on top of 133.3 million already sold through IPO. That would mean an additional $620 million in Blackstone's kitty. Blackstone co-founders, Stephen Schwarzman, 60, and Peter Peterson, 81, earned $2.4 billion between them from the IPO. Schwarzman's 23% stake in the company is worth $7.74 billion alone. However after the IPO, Pete Peterson now holds just 4% of the equity.. ...

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