Blackstone IPO moves up in early trading


The shares of private equity firm Blackstone Group began trading at $36.45 on the New York Stock Exchange Friday, up 18% from its $31 initial public offering price.

The offering, which was priced late Thursday and underwritten by Morgan Stanley and Citigroup, values the company at more than $33 billion.

Blackstone manages around $88 billion in total assets, $2 billion of which are in hedge funds.

The firm’s IPO, and the rich payout to its founders, Stephen Schwarzman and Pete Peterson, has attracted the attention of some members of Congress. Under pressure to raise revenues, legislators have proposed hiking the tax