Carlyle Group's IPO made its debut on Wall Street. (Bloomberg News )
Private equity firm The Carlyle Group’s debut on the stock market has so far not resulted in a pop in its share price.
But Carlyle's stock hasn't fallen below its IPO price either, suggesting Wall Street agrees with its initial public offering of 30.5 million shares at $22 each.
Carlyle is the latest buyout shop to go public in the last few years, following rivals Blackstone Group Inc., Oak Tree Capital Group, Fortress Investment Group and KKR & Co.
In midday trading, Carlyle’s stock was up 4 cents, or 0.18%, on the Nasdaq, where it has been trading under the symbol “CG.”
Carlyle, which has offices in locations including Los Angeles and New York, has approximately $147 billion of assets under management. With its IPO, the private equity firm raised $671 million.
In a filing with the U.S. Securities and Exchange Commission, Carlyle said would it use proceeds from the IPO to repay debt and for “general corporate purposes, including general operational needs, growth initiatives, acquisitions and strategic investments and to fund capital commitments to, and other investments in and alongside of, our investment funds.
Carlyle employs approximately 1,300 people in 33 offices across six continents.
Retail sales slow to 0.8% in April
Growth in service industries slows in April
Freddie Mac: 30-year mortgage hits record low of 3.84%