Carlyle Group LP is seeking to raise as much as $762.5 million in its initial public offering, a sale that may value the Washington-based private-equity firm at up to $7.6 billion.
Carlyle plans to offer about 30.5 million shares at $23 to $25 each, according to a regulatory filing today. The firm is listing on the Nasdaq Stock Market under the symbol CG.
The firm follows competitors Blackstone Group LP, Apollo Global Management LLC and Fortress Investment Group LLC in selling shares to the public. Those companies have declined since their offerings, and Oaktree Capital Group LLC, the world’s largest distressed-debt investor, dropped in its debut after raising less than it sought in its April 11 IPO.
Oaktree carried out the first IPO by an alternative-asset manager since Apollo sold stock last year, raising $380.2 million. The Los Angeles-based firm sold 8.84 million shares for $43 each, the bottom of its proposed range. Oaktree said it will pay Howard Marks and Bruce Karsh, two of its co-founders, almost 40 percent of the proceeds.
Carlyle plans to offer about 10 percent of its stock in the offering. Founders William Conway, Daniel D’Aniello and David Rubenstein won’t sell any of the shares in the firm they founded in 1987, a person with knowledge of the matter said this month. Carlyle’s other owners include the California Public Employees Retirement System and Mubadala Development Co., an investment company controlled by the Abu Dhabi government. The Washington Post reported the terms of the IPO yesterday.
JPMorgan Chase & Co., Citigroup Inc. and Credit Suisse Group AG will lead the IPO, according to regulatory filings. Carlyle also hired Bank of America Corp., Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., Morgan Stanley, UBS AG and 12 others to help with the sale.
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