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Boutique investment bank Moelis' shares rise 9 pct in debut
April 16, 2014 / 2:00 PM / in 4 years

Boutique investment bank Moelis' shares rise 9 pct in debut

April 16 (Reuters) - Shares of Moelis & Co rose about 9 percent in their debut, valuing the boutique investment bank at about $1.40 billion.

The company raised about $163 million, after its offering was priced at $25, below the expected price range of $26-$29 per share.

Moelis, founded and led by veteran Wall Street investment banker Ken Moelis, is offering 6.5 million shares of Class A common stock. It initially planned to offer 7.3 million shares.

Moelis’ shares opened at $27 on the New York Stock Exchange on Wednesday and touched a high of $27.22 in early trading.

Goldman Sachs & Co and Morgan Stanley are the lead underwriters for the offering. (Reporting by Avik Das in Bangalore; Editing by Prateek Chatterjee)

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