FORTUNE — The Carlyle Group (CG) saw its shares rise slightly in early trading Thursday, following last night’s disappointing IPO.
The Washington, DC-based private equity firm priced 30.5 million units at $22 per share, which was below a $23-$25 offering range that already was considered by many to be a discount. It began trading around 35 cents higher in its first hour of trading on NASDAQ, which would increase its valuation to $6.8 billion.
The new issue did not seem to have much impact on Carlyle rivals like Apollo Global Management (APO), The Blackstone Group or Kohlberg Kravis Roberts & Co. — all of which trade on the NYSE. Blackstone and KKR opened up, but have since fallen into narrowly negative territory. Apollo has been off just south of 20 cents per share all morning.
When Blackstone went public in June 2007, it closed up 13.1% on its first day of trading. It seems highly unlikely that Carlyle will experience a similar pop, perhaps because Blackstone stock has dropped so precipitously since that time.
Sign up for Dan’s daily email newsletter on deals and deal-makers: GetTermSheet.com
