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'.
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