Blackstone IPO: It's on--and soon

A week earlier than expected, Blackstone will price its IPO--probably on Thursday. It will trade under the NYSE symbol BX. You have to wonder what demand will be like. My sense is that the institutional buy will be very strong. Blackstone aims to sell 133.3 million common units in the $29-$31 range, which would bring in up to $4.13 billion. But the proceeds could soar up to $4.75 billion, as the underwriters are authorized to sell up to 20 million more shares. Morgan Stanley and Citigroup are the leads. So it could be the largest IPO of the year. The wildcard is the bill in Congress that would boost taxes on the partnership. But an actual law is eons away. I do not think that buyers will factor it in negatively. The fact is that most people think the private equity industry still has legs. The issue is whether this will mark the height of the party.

For more:
- here's an AP update
- VIDEO: How legislation could affect Blackstone IPO