Moelis & Co's initial public offering has been priced at $25 per share, a market source said, valuing the independent investment bank at about $1.29 billion. The company's IPO raised about $162.5 million at that price, which was slightly 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.The bank intends to list on the New York Stock Exchange under the symbol "MC".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 1.69% or $0.49/share to $29.55. In the past year, the shares have traded as low as $20.16 and as high as $33.52. On average, 14140400 shares of MS exchange hands on a given day and today's volume is recorded at 16606892.
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