Carlyle Group sets IPO at $22 a unit, below range

WASHINGTON

The Carlyle Group has priced its planned initial public offering at $22 per unit, below its expected price range.

The pricing sets the stage for the private equity firm to potentially raise more than $700 million. The firm said Wednesday that some 30.5 million of its common units are expected to begin trading Thursday on the Nasdaq under the ticker symbol "CH."

Carlyle also has granted underwriters an option to buy up to 4.575 million additional units at the IPO price, minus underwriting discounts.

The firm first filed plans to go public in September, a rocky time in the market when many companies delayed planned offerings.

The market's appetite for IPOs has improved. Still, Carlyle's IPO was priced below the original range of $23 to $25 per unit.