BlackRock Inc., the asset management arm of PNC Bank Corp., raised $126 million, or $14 a share, in its initial public offering Friday.

The sale of nine million shares, a 14% stake, has been closely watched because it is the first time a bank-affiliated investment company has gone public. The transaction values BlackRock, which had 1998 revenues of $339.5 million, at approximately $900 million.

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