Carlyle Group Prices Each Share at $22

Private equity firm Carlyle Group has priced its shares at $22 each on the eve of its initial public offering.

The shares will begin trading Thursday morning over-the-counter.

At the current pricing, Carlyle is valued at $6.7 billion.

The pricing per share is slightly lower than expected.In the days leading up to its IPO, there was some concern by investors about its business. IPOs by private equity firms Blackstone Group and Apollo haven't provided the return that some investors had expected.

It is expected that there will be greater investor interest for Tilly's, a specialty retailer similar to Zumiez that is set to go public on Friday.

Still, the Carlyle offering will raise about $670 million, the largest IPO in the US so far.

Following Carlyle's IPO, major investor interest will be on Facebook, which is set to go public later this month.