A swell of mergers and other transactions this year has bolstered the fortunes, and stock prices, of several independent and boutique investment banks.
The New York Times reports that has not necessarily translated into enthusiasm for another advisory firm seeking to join the public markets.
Houlihan Lokey priced its initial public offering on Wednesday below expectations, raising $220m in its stock sale. Its shares were offered at $21 each, a dollar below the expected range, and it sold fewer shares than initially anticipated.
That stock price values the investment bank at about $1.4bn.
It is a somewhat disappointing start on the public markets for the 43-year-old firm, which like its boutique brethren focuses on advising on mergers, capital-raising efforts and corporate debt reorganizations.
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