New York – Blackstone Group’s founder Stephen Schwarzman sounded more like Tony Soprano than the head of a soon-to-be public company when he talked to a newspaper about wanting to “kill off” his private-equity rivals. That’s far from the “don’t be evil” comments made by Google’s leaders ahead of its IPO three years ago.
It’s a contrast worth noting as Blackstone enters the public markets and seems to be following a similar script to Google’s $1.66 billion stock offering back 2004.
There certainly are parallels between the two – hot companies in hot sectors offering up much-hyped stocks. But that doesn’t mean Blackstone is destined to be the next Google, with a share price that goes up on day one and never looks back.
Blackstone is the world’s second-largest private-equity firm, controlling a roster of names including real estate company Equity Office Properties Trust.
Its IPO was the sixth largest in U.S. history with the sale of a 12.3 percent stake in its management division. At an offering price of $31 a share, it raised $4.13 billion. Blackstone’s stock surged in its first day of trading, rising $4.06, or 13.1 percent, to $35.06.
