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.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.1% or $0.03/share to $29.58. In the past year, the shares have traded as low as $20.16 and as high as $33.52. On average, 14126900 shares of MS exchange hands on a given day and today's volume is recorded at 1862301.
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