Carlyle Group LP raised $671 million in its initial public offering, pricing below the marketed range after struggling to win investors wary of the track record of publicly traded buyout firms.
The Washington-based firm sold 30.5 million shares for $22 each, according to a statement yesterday, fetching 12 percent less than it sought after offering the stock for $23 to $25. That represents a 65 percent discount to larger rival Blackstone Group LP.
Blackstone declined 57 percent through yesterday since raising $4.75 billion in a 2007 IPO. The same year, Fortress Investment Group LLC and Och-Ziff Capital Management Group LLC held their own U.S. IPOs and have since lost 80 percent and 73 percent. Apollo, whose shares were previously traded on a private exchange run by Goldman Sachs Group Inc., held a $565 million U.S. share sale in March 2011 and has lost 33 percent since then.