Blackstone Group's initial public offering is seeing heavy demand today from investors vying for shares of the biggest US IPO in five years.
Demand for the investment firm's shares comes even as US lawmakers step up pressure on raising the firm's tax bill after the stock's debut.
Several fund managers said the deal appears to be heavily oversubscribed after Blackstone mounted lavish and extremely well attended marketing presentations.
The bulk of the interest is from hedge funds, investors say.
The IPO of roughly 10% of the New York investment firm stands at 133.3 million units expected to be sold in a $29 to $31 per share range.
The $4 billion IPO would value the firm, known mainly for its private equity deals, at around $40 billion.
Blackstone plans to raise another $3.75 billion through selling a stake to the Chinese government.
