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Investment bank Moelis' stock jumps after scaled-down IPO
Investment bank Moelis' stock jumps after scaled-down IPO

Moelis & Co. 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. The shares rose 4.6% to $26.15 on Wednesday after pricing at $25. Moelis raised $163 million in the offering, which was structured to let longtime Los Angeles investment banker Chief Executive Ken Moelis retain control while still receiving a payout. Moelis 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...

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