Investment bank Moelis' IPO values company at up to $1.5 billion
(Reuters) - Moelis & Co, the advisory firm set up by veteran investment banker Ken Moelis, said it expects to price its initial public offering of 7.3 million Class A shares at between $26 and $29 per share, valuing the firm at up to $1.50 billion.
The New York-based independent investment bank's IPO is expected to raise as much $212 million at the top end of the price range. (r.reuters.com/faf38v)
The firm was founded in March 2007 after Ken Moelis left UBS UBSN.VX.
The offering will follow a dual-class share structure that will allow the company's stockholders to retain a tighter control over the company. The voting power of each Class B share will be equal to ten votes per share as compared with a single vote per Class A share.
Moelis & Co, which will continue to be led by the Wall Street dealmaker, listed Goldman Sachs and Morgan Stanley as lead underwriters to the offering.
The bank intends to list its stock on the New York Stock Exchange under the symbol "MC".
(Reporting By Neha Dimri in Bangalore; Editing by Savio D'Souza and Maju Samuel)