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Trader Daily: Everybody Wants Blackstone (BX)
Everybody Wants Blackstone

It’s finally here: The much-jawboned-about B’stone float prices late today. And if advance interest is any indication, the private-equity firm may be in for a trading spike reminiscent of Nymex’s price doubling during the first minutes of its IPO last year.

Blackstone's IPO is shaping up as a huge hit on Wall Street, even if some people can't stop sweating the firm's tax outlook.

The private-equity shop's $4.75 billion initial public offering is slated to be priced after the market closes Thursday. The deal is drawing frenzied demand, according to observers who track the IPO market.

One watcher said demand translated to an oversubscription from hungry investors equivalent to five to six times the shares being offered. That could mean Blackstone will see a spike reminiscent of derivatives exchange Nymex, whose shares more than doubled on their open last November and ended up with a 125% first-day gain, and hedge fund firm Fortress, which registered a 68% first-day gain back in February.

Blackstone is planning to sell 133 million so-called partnership units at $29 to $31 apiece. Shares are due to start trading Friday morning on the New York Stock Exchange.
Read more on ( thestreet.com )