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WASHINGTON, DC-The Carlyle Group launched its 30.5-million share initial public offering Thursday—but at a lower-than-marketed price of $22 per share. The private equity giant raised $671 million and, as previously stated in regulatory filings, will use the proceeds to repay a revolving credit facility and a loan related to an acquisition. The remainder will be for general corporate purposes, including acquisitions and strategic investments.

The $22-per-share price was 12% less than what it had originally priced. Reportedly, the company lowered the unit share price after pushback from institutional investors, including mutual funds. Anonymous sources quoted in news media also said the company wanted to make sure its first day of trading reaped gains. Still, at $671 million, it is the largest initial public offering so far in 2012.

In a regulatory filing made earlier this month, the Carlyle Group had amended its prospectus and said it planned to price its shares at $23 to $25 per share. It had expected to reap net proceeds between $695.4 million to $799.7 million, depending on if the underwriters exercised in full their option to purchase additional common units.

In that same filing, the Carlyle Group reported it has $147 billion in assets under management, across 89 funds and 52 fund of funds vehicles. It has approximately 1,300 employees, including more than 600 investment professionals, in 33 offices across six continents, and serves more than 1,400 active carry fund investors from 72 countries. In its real estate activities specifically, it has investments in more than 200 portfolio companies.

Carlyle tapped 11 bookrunners and 10 co-managers for the deal. J.P. Morgan, Citi and Credit Suisse are acting as representatives. It listed on the NASDAQ under the symbol CG.