Which company raised $671 million with its IPO in 2012?

The Carlyle Group raised $671 million with its initial public offering in 2012. The Washington-based private-equity firm sold shares to the public and began trading on the NASDAQ exchange.

Carlyle priced the offering at $22 per share, below its marketed range of $23 to $25. It sold 30.5 million shares, producing approximately $671 million in proceeds. The lower pricing reflected investor caution toward publicly traded alternative-asset managers, whose earnings can be difficult to predict because they depend heavily on investment exits and fund performance.

Carlyle’s IPO valued the company at roughly $6.7 billion. At the time, it joined other major private-equity firms, including Blackstone and Apollo, in seeking a public-market valuation. Carlyle had been founded in 1987 by David Rubenstein, Daniel D’Aniello, and William Conway, and its business included private equity, global credit, and other alternative investments. The $671 million figure refers to the proceeds from the 2012 offering, not the company’s total assets under management or market value.