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Moelis's Shares Rise 9% In Debut

Shares of Moelis & Co rose as much as 9 percent in their debut, after the boutique investment bank cut the size of its offering and priced it below its targeted range.The company raised about $163 million after its offering was priced at $25, below the expected price range of $26-$29 per share.Moelis, founded and led by veteran Wall Street investment banker Ken Moelis, offered 6.5 million shares of Class A common stock, lower than the 7.3 million it had initially planned.The company's shares opened at $27 on the New York Stock Exchange on Wednesday and touched a high of $27.22 in early trading before giving up some gains.The recent pullback in U.S. stocks has hurt the IPO market, which got off to a strong start in the first quarter of the year.The S&P 500 index has fallen 3 percent since touching a life-high of 1,897.28 on April 4 - the same day that Moelis announced its expected pricing range.A number of recent high-profile trading debuts such as those of Ally Financial Inc and King D...

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