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Moelis & Co. prices initial public offering at $25

Investment bank Moelis & Co. prices initial public offering below expectations at $25 a share

Associated Press

NEW YORK (AP) -- Moelis & Co. priced its initial public offering at $25 per share, which was below expectations.

The New York investment bank plans to offer 6.5 million shares to raise $162.5 million. Underwriters have a 30-day option to buy 975,000 more shares.

Analysts had been expecting that the IPO would go for between $26 and $29 per share.

The offer is expected to close Tuesday and shares will start trading Wednesday on the New York Stock Exchange under the ticker "MC."

Since its founding in 2007, Moelis has advised on more than $1 trillion in transactions, including the sale of Anheuser-Busch, the Chapter 11 bankruptcy reorganization of American Airlines and its merger with US Airways, and the sale of H.J. Heinz to Berkshire Hathaway, and the sale of Hilton to The Blackstone Group.

Moelis' profit nearly doubled in 2013. The company earned net income of $70.2 million on revenue of $411.4 million, up 7 percent from the prior year.