The IPO launched at $22 per unit, well below maximum pricing of $25. Carlyle's units closed at $22.05 in its first day on NASDAQ.
But it wasn't enough for Carlyle co-founder David Rubenstein to save face. He had told investors during the company's road show that by valuing the firm conservatively, he hoped Carlyle's stock would rise after the firm went public, unlike the selloffs that followed the recent IPOs of its peers.
"Our principal focus in the offering was to attract a large number of highly respected institutional investors who support our emphasis on cash earnings and who will support our efforts to grow the firm over the long term. We think we have accomplished that objective," Rubenstein said in a statement after the market close on Thursday.
Not long ago Carlyle expected $850 million in IPO proceeds. How many times did Carlyle redefine success downward? Good thing WaPo rode to the rescue with a positive statistic, new D.C. millionaires.
