Moelis & Co jumps in trading after IPO

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Moelis climbed in its trading debut after raising less than planned in the first U.S. initial public offering of an investment bank since the financial crisis.

Bloomberg reports that the shares rose 4.6% to $26.15 in New York after pricing at $25. Moelis raised $163m in the offering, which was structured to let Chief Executive Officer Ken Moelis retain control while still receiving a payout.

Moelis, who founded the firm seven years ago, is testing investors’ appetite for new investment-banking shares for the first time in the U.S. since FBR & Co went public in 2007, according to data compiled by Bloomberg. He’s selling stock amid the strongest start to a year for mergers and acquisitions since 2007, the data show.

'The cycle is good for M&A', Moelis, 55, said in an interview on Bloomberg TV. 'There’s more growth in the future than in the past'.

To access the complete Bloomberg article hit the link below:

Moelis Jumps in Trading Debut After Scaled-Back IPO

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