Private equity firm Blackstone Group's initial public offering was about seven times subscribed, the Financial Timesreported today.
The newspaper said US mutual fund interest was limited by concern over a possible increase in Blackstone's tax liability but that subscription was boosted by demand from Asia, the Middle East and Europe.
The flotation on the New York Stock Exchange, worth up to $4.75 billion, is set to be priced later today. Blackstone earlier said it expects to sell 133.3 million common units at $29 to $31 each.
The banks will be permitted to sell an extra 20 million shares to meet excess demand.