Blackstone Group LP shares jumped as much as 23 percent as investors clamored for a slice of the biggest initial public offering by a U.S. leveraged buyout firm.

The stock rose $5.99 to $36.99 at 10:12 a.m. in its first day of New York Stock Exchange trading, after reaching $38. The New York-based firm sold 133.3 million units for $31 each yesterday, the top of the range used to market the securities. Its market value increased to $40.1 billion.

Reaction to the IPO, which raised $4.13 billion, may prompt rivals to go public, even as U.S. lawmakers consider raising taxes on private-equity firms. Kohlberg Kravis Roberts & Co., run by Henry Kravis, and Apollo Management LP are examining plans to go public.

(Bloomberg)