Houlihan Lokey Shares Surge 7% On Their First Day Of Trade

Shares of boutique investment bank Houlihan Lokey Inc. surged 7% on their first day of trading Thursday, after pricing a dollar below their initial public offering range. Shares climbed to as high as $22.48, compared with their issue price of $21. The Los Angeles-based bank sold 10.5 million shares to raise $220.5 million. Shareholders had planned to sell 13.1 million shares at $22 to $24, earlier regulatory filings showed. A number of recent IPOs, including that of Planet Fitness Inc. last week, have had rocky debuts in volatile markets.