Hilton, which started trading on the New York Stock Exchange yesterday, rallied to a peak of $21.94 after being priced at $20 a share on Wednesday.
It finally closed 7.5 per cent higher at $21.50 last night.
Yesterday’s issue of 112.8m shares at $20 a share raised $2.3bn for selling shareholders.
Blackstone has kept all of its 750.6m shares in the firm in the float to give it a 76.2 per cent controlling stake in the company worth about $16.4bn, based on yesterday’s close price.
The Wall Street firm originally stumped up about $5.7bn of equity to buy the company in 2007 for $19.7bn. It injected a further $819m in 2010 as part of a debt restructuring, pushing its equity stake on the deal to $6.5bn.
It means the company is sitting on a paper profit of $9.9bn, nudging close to the record $10.1bn made by Apollo from its 2008 sale of LyondellBasell Industries.
Blackstone borrowed about $20.6bn of debt to help buy the Hilton, which owns the iconic Waldorf Astoria hotel in New York.