KKR Files for IPO

Private-equity firm Kohlberg Kravis Roberts is following its archrival into the public markets.

The firm, one of Wall Street's oldest and most storied buyout companies, late Tuesday filed a registration statement for an initial public offering of $1.25 billion in stock. The move comes on the heels of the IPO of top competitor Blackstone Group (BX Quote) last month.

KKR, whose IPO has been rumored since Blackstone made its move, said it will list its stock on the New York Stock Exchange under the symbol KKR.

The Blackstone IPO priced at $31 a share, and the stock rose 12% on its first day of trading June 22. Since then, however, enthusiasm has subsided amid concerns about the debt markets, and Blackstone's shares have fallen below the IPO price. They closed Tuesday at $29.72.