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WASHINGTON, DC-The Carlyle Group launched its30.5-million share initial public offering Thursday—but at alower-than-marketed price of $22 per share. The private equitygiant raised $671 million and, as previously stated in regulatoryfilings, will use the proceeds to repay a revolving credit facilityand a loan related to an acquisition. The remainder will be forgeneral corporate purposes, including acquisitions and strategicinvestments.

The $22-per-share price was 12% less than what it had originallypriced. Reportedly, the company lowered the unit share price afterpushback from institutional investors, including mutual funds.Anonymous sources quoted in news media also said the company wantedto make sure its first day of trading reaped gains. Still, at $671million, it is the largest initial public offering so far in2012.

In a regulatory filing made earlier this month, theCarlyle Group had amended its prospectus and said it planned toprice its shares at $23 to $25 per share. It had expected to reapnet proceeds between $695.4 million to $799.7 million, depending onif the underwriters exercised in full their option to purchaseadditional common units.

In that same filing, the Carlyle Group reported it has $147 billionin assets under management, across 89 funds and 52 fund of fundsvehicles. It has approximately 1,300 employees, including more than600 investment professionals, in 33 offices across six continents,and serves more than 1,400 active carry fund investors from 72countries. In its real estate activities specifically, it hasinvestments in more than 200 portfolio companies.

Carlyle tapped 11 bookrunners and 10 co-managers for the deal.J.P. Morgan, Citi and CreditSuisse are acting as representatives. It listed on theNASDAQ under the symbol CG.