According to a release issued by the company today, Blackstonewill close on the IPO at the same time it closes on a $3-billionsale of non-voting shares to a Chinese company. The StateInvestment Co., a Chinese foreign exchange investment firm, hasagreed to pay $3 billion for the non-voting units. The price pershare factors out to 95.5% of the public offering price and theState Investment Co. has agreed to hold its shares for at leastfour years.
The IPO, which is officially being filed by the Blackstone GroupLP, is said to be the largest ever in US history, valuing thecompany at $33.6 billion. According to SEC documents, Blackstonewill offer 133.3 million common shares at $29 to $31 each. At thisprice the proceeds would total between $3.9 billion to $4.1billion. Based on demand, another 20 million shares could be sold.If those sell the IPO would be worth roughly $4.75 billion.Including the investment by the Chinese firm, Blackstone could make$7.75 billion by selling common units.
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