On August 12 Houlihan Lokey announced the pricing of its IPO. Some 10,500,000 Class A shares were sold at a public offering price of $21.00 per share.
All the shares were being offered by an affiliate of ORIX USA and certain of the company’s employees and members of management. Houlihan Lokey said at the time that it would not receive any proceeds from the offering, including from any exercise by the underwriters of their option to purchase additional shares.
Houlihan Lokey official ratings were featured as follows:
- UBS started it as Buy with a $25.00 price target.
- Goldman Sachs started it as Neutral with a $25.00 price target.
- JMP Securities started it as Market Perform with a $27.00 price target.
- Keefe Bruyette & Woods started it as Outperform with a $28.00 price target.
- Bank of America Merrill Lynch started it as Buy with a $26.00 price objective.
Houlihan Lokey closed at $22.35 on Friday, and it has a post-IPO range of $18.22 to $23.10. Despite a strong market on Tuesday, the shares were down 1.4% at $22.03, and its post-IPO trading range has been $18.22 to $23.10. Houlihan Lokey has a market cap of roughly $1.4 billion.
Another disappointment would be that this stock has traded only about 100,000 shares, with about two hours until the close of trading. Its volume was 4.71 million shares on the opening day of August 13, and trading volume has tapered off since.
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