Reports: KKR Planning IPO

Reports say that the buyout firm Kohlberg Kravis Roberts is planning an IPO, following its rival's move.
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Private-equity firm

Kohlberg Kravis Roberts

, on the heels of rival

Blackstone Group's

initial public offering, is planning its own IPO, reports say.

The firm, known for its takeover of

RJR Nabisco

in 1988, has hired underwriters

Morgan Stanley

(MS) - Get Report



(C) - Get Report

as possible underwriters for the offering, according to



A source close to KKR said the firm may still decide against the IPO, which values the firm at about $34 billion,

The Wall Street Journal

reported on its Web site late Thursday.

Competitor Blackstone Group

launched its IPO late Thursday at $31 a share, the high end of its expected range.

The private-equity giant Blackstone makes its debut on the

New York Stock Exchange


In April, KKR agreed to buy

First Data

(FDC) - Get Report

for $29 billion.