Moelis & Co. (NYSE: MC) is a global investment bank based in New York. The firm sold 6.5 million shares in its IPO Wednesday morning at $25 a share. That was below its expected range of $26 to $29. The number of shares sold was also lower than the planned offering of 7.3 million shares. Moelis raised about $162.5 million in gross proceeds at the IPO price.
Competing with the massive investment banking operations of Goldman Sachs and Morgan Stanley may seem like a losing proposition, but Moelis emphasizes its independence. Its chief competitors are likely to be Evercore Partners Inc. (NYSE: EVR) and Greenhill & Co. Inc. (NYSE: GHL), both of which are down about 15% year to date.
Moelis shares traded up about 5% at $26.25, after touching a peak of $27.22 earlier in the morning. Trading opened at $27 a share.
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Opus Bank (NASDAQ: OPB) is a California-chartered commercial bank. It sold 5.8 million shares Wednesday at $30 a share, sharply lower than its expected price range of $34 to $36 a share. About 23 million shares will be outstanding following the IPO.
As of December 31, 2013, Opus had total assets of $3.7 billion, total loans of $2.9 billion, total deposits of $2.7 billion and $668.8 million of stockholders’ equity. The bank plans to operate in four lines of business: commercial banking, retail banking, merchant banking, and correspondent banking.
Shares dropped to $29.31 shortly after trading began, after rising to $30.24. The stock is trading at $29.86, down about 0.5%, in the late morning.
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We will be keeping an eye out for the other two IPOs due out Wednesday: Trivascular Technologies and Quotient.
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