FORTUNE — Private equity firm The Carlyle Group priced its IPO this evening at $22 per unit, which was lower than its proposed $23 to $25 per unit range.
It means that the firm raised around $671 million, and has an initial market capitalization of nearly $6.7 billion.
Carlyle will begin trading tomorrow on the NASDAQ under ticker symbol CG, while J.P. Morgan, Citigroup and Credit Suisse Securities served as co-lead underwriters.
This obviously is a disappointing result for Carlyle, which already felt that it was offering its shares at a discount. Apparently public market buyers were worried about the past year’s performance of market comps like The Blackstone Group BX and Kohlberg Kravis Roberts & Co. KKR , which have suffered alongside other financials.
It’s also possible that Carlyle received an extra demerit for being the private equity-ist of all the publicly-traded private equity firms (i.e., the least diverse). Sixty-three percent of the Washington, DC-based firm’s assets under management are either in direct private equity investments or in indirect private equity investments (the latter via AlpInvest, a giant private equity fund-of-funds and secondaries firm acquired last year).
Blackstone Group, on the other hand, the firm has nearly as much real estate and hedge fund assets under management as it does private equity (through year-end 2011), while KKR is building out a capital markets business (and has far less PE under management than does Carlyle). Apollo Global Management APO , another listed rival, reports just 47% of its assets under management as private equity — and, again, the actual volume pales in comparison to Carlyle.
More analysis to come tomorrow. What follows is a press release just issued by the firm: