In its filing, the Blackstone Group [1] said it will value common units between $29 and $31 each, which means the value of the deal could range up to $4.13 billion. The underwriters include Morgan Stanley, Citigroup, Merrill Lynch and Lehman Brothers Holdings. They have the option to sell additional units, which could boost the value to $4.75 billion. Most are expecting a strong reaction from buyers, as private equity is still seen as hot and Blackstone management is respected. The stock will trade on the NYSE as BX. Previously, Blackstone said China would invest $3 billion of its official reserves in the firm. So the total being raised is more than $7 billion. You have to wonder if this will grease the wheels for more deals in China. Meanwhile, China denies that it is seeking control of foreign firms [2].  

For more:
- here's a MarketWatch article [3]