Lazard IPO

"As the world turns at Lazard, the latest chapter features the controversial boutique filing for an IPO, which laid bare some interesting heretofore unknown facts. It's fair to say Bruce Wasserstein, who was modestly paid last year (no bonus), stands to fare well. It's shooting to sell 30.5 million Class A shares for $25 to $27 each. Lazard will also concurrently offer $250 million of equity security units, plus up to an additional $37.5 million of equity units if the underwriters exercise options to buy additional units. The proceeds will be used to redeem membership interests held by partners. Goldman Sachs, Citigroup, Lazard, Merrill Lynch, Morgan Stanley, Credit Suisse First Boston and JPMorgan Chase are listed as underwriters."

[Fierce Finance / NYTimes]