(Reuters) – Houlihan Lokey Inc’s initial public offering was priced at $21 per Class A share, below the IPO range of $22-$24, according to an underwriter.
The IPO raised $220.5 million for the company’s shareholders and valued the boutique advisory firm at about $1.37 billion.
The company also cut the size of its offering to 10.5 million shares from 13.1 million, the underwriter said.
Houlihan Lokey, which has advised on some of the biggest bankruptcies such as Enron Corp and Lehman Brothers Holdings Inc, will begin trading Thursday on the New York Stock Exchange under the symbol “HLI”.
Orix USA, an arm of Japanese financial services company Orix Corp , sold most of the shares in the offering. Orix USA will have a 32.6 percent stake in Houlihan, following the IPO.
Employees and management of Houlihan are its biggest shareholders with a 47 percent stake owned through a trust, according to the company’s IPO filing.
Bank of America Merrill Lynch and Goldman Sachs led an underwriting syndicate of seven firms that also includes Houlihan Lokey as a co-manager. (Reporting by Neha Dimri in Bengaluru; Editing by Sayantani Ghosh)