Blackstone's plans to go public were first reported last Friday by CNBC's David Faber.
The IPO will not produce common stock, but common units, Faber said. The firm "will be structured as a Master Limited Partnership, very similar to Fortress," he added. Fortress Investment Group's successful public offering last month "emboldened" rivals to make similar moves, Faber said.
"The MLP structure won't obligate the firm to certain things" as a common share structure would, Faber explained. Common unit holders will have "limited voting rights"--they will "not have the right to elect the general partner nor can they vote for the director," Faber said.
The IPO money is being raised "to seed other businesses," not to take other firms private, Faber reported. Blackstone will "continue to raise other funds for that."
Blackstone was founded in 1985 by former Lehman Brothers Holdings bankers Stephen Schwarzmanand Pete Peterson.
Schwarzman--the single biggest owner--will take his current ownership stake, "transfer it into the MLP structure," then "vest into it over four years," Faber said.
The filing said that Schwarzman and other top management plan to keep control of the company and the collection of companies Blackstone has acquired.