NEW YORK ( TheStreet) -- Private-equity firm Carlyle plans to raise more than $1 billion in an initial public offering but the IPO is likely to be priced with a lower-than-expected valuation, according to bankers familiar with the matter, The Financial Times reported. Carlyle's IPO could come as soon as September, the newspaper said. The bankers said recent stock market weakness means Carlyle would have to accept a lower price for its listing on the New York Stock Exchange than could have been secured earlier this year. Carlyle had hoped to be valued at almost 10 times its "economic net income," The Financial Times said, but now can expect a multiple of about seven times unless market conditions improve, the bankers said. Carlyle has $108 billion of assets under management. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.