updated 5/21/2007 9:15:47 AM ET 2007-05-21T13:15:47

Blackstone Group LP, the second-largest U.S. private equity firm, on Monday said it plans to raise between $3.87 billion and $4.13 billion in an initial public offering scheduled for sometime this year.

In a filing with the Securities and Exchange Commission, the New York-based firm said it will value its common units between $29 and $31 each. The terms come one day after Blackstone announced that China would invest $3 billion in the firm alongside its public offering.

Underwriters — which include Morgan Stanley, Citigroup Inc., Merrill Lynch & Co., Lehman Brothers Holdings Inc., and Deutsche Bank AG — have the option to float an additional 20 million units. This could raise the size of the IPO to $4.75 billion.

Blackstone plans to list on the New York Stock Exchange under the symbol "BX."

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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