Blackstone Group stock closed around $35afterits debut on the New York Stock Exchange.
The New York-based buyout shop fluctuated in the first few minutes of trading as investors scrambled to get a piece of the nation's second-largest private equity firm. After pricing at $31 late Thursday, the stock opened up $5.45, or 17.6%, at $36.45.
“I think it’s a good level,” David Joy of Riversource Investments, told CNBC. “I think it’s attractive at these prices. It has not spiked as people feared. I think it’s an attractive offering at these levels in the secondary market.”
An estimated 33.3 million shares exchanged hands in early trading, reflecting heavy demand from institutions and money managers to own a piece of the biggest private-equity firm to tap the public markets.