In its first day of trading, Hamilton Lane Inc saw its stock surge more than 13 percent after the Bala Cynwyd, Pennsylvania, adviser raised $190 million.
Shares of Hamilton Lane changed hands at $18.13 in afternoon trading Wednesday on the Nasdaq. Volume was 5.48 million shares.
The company priced its IPO on Feb. 28, selling 11.875 million shares at $16 each, the midpoint of its $15 to $17 price range. J.P. Morgan and Morgan Stanley were joint bookrunners on the deal, according to an SEC filing. The underwriters also have the option (the greenshoe) to buy another 1.78 million shares at the offer price.
Founded in 1991, Hamilton Lane manages separate accounts and funds investing across the spectrum of private market assets, including private equity, private credit, venture capital, secondaries and real estate. The firm has $40 billion of assets under management and advises on $274 billion of assets, Buyouts has reported.
Hamilton Lane reported about $180.8 million of revenue for the year ended March 31, up 16 percent from $155.4 million a year earlier. Total liabilities stood at $326.2 million as of Dec. 31, the filing said. The firm employs 290 people, including 90 investment professionals.
The firm said it chose to go public to enhance its profile and position, as well as to create new avenues for growth on a stand-alone basis, the filing says. The IPO will also enable the firm to repay debts and raise funds for hiring and general purposes, Buyouts said.
CEO Mario Giannini will have a 15 percent economic interest in Hamilton Lane after the IPO and if the greenshoe is exercised, a filing said. Chairman Hartley Rogers will have 22 percent after the IPO and exercise of the greenshoe, while Erik Hirsch, vice chairman, will have 6 percent, the filing said.
Action Item: Contact CEO Mario Giannini at +1 610-934-2222
The Nasdaq logo is displayed at the Nasdaq Market site in New York on Sept. 2, 2015. Photo courtesy Reuters/Brendan McDermid