KKR Joins IPO Party

Corporate raiders Kohlberg Kravis Roberts & Co. have announced an initial public offering, on the heels of a wildly successful $34B IPO by rival Blackstone yesterday. The mammoth LBO group, whose boss Henry Kravis maintains a well known rivalry with Blackstone's Stephen Schwarzmann, waited to make sure Blackstone swam before making the announcement.

The move comes as Congress debates legislation to hike the tax burden on publicly traded partnerships, shining a light on complex business deals and potentially turning investors against private-equity offerings.  But sales of the new shares will give KKR an infusion of cash to compete with Blackstone and seize on favorable acquisition conditions. (More KKR stories.)