Carlyle, the private equity firm with $108bn under management, plans to raise more than $1bn with an initial public offering of stock but is likely to come to the market with a lower-than-expected valuation, according to bankers familiar with the matter, the FT reports. Carlyle this month selected Citigroup, Credit Suisse and JPMorgan Chase to lead the offer. Generally, firms file their registration statements within two or three months of selecting bankers, which suggests that Carlyle could list as soon as September if market conditions allow. A spokesman for Carlyle declined to comment. The bankers familiar with the matter said recent stock market weakness meant Carlyle would have to accept a lower price for its listing on the New York Stock Exchange than could have been secured earlier this year. Carlyle had hoped to be valued at almost 10 times its “economic net income”, a metric that excludes costs associated with the listing, they said. Now, Carlyle can expect a multiple of about seven times unless market conditions improve, they added. Read more