Houlihan Lokey Inc. has commenced an underwritten public offering of 4 million class A common shares, consisting of 2 million shares to be offered by the company and 2 million shares to be sold by certain current and former employees and members of management.
Based on a March 12 closing share price of $48.38, S&P Global Market Intelligence calculates a gross offering size of about $193.5 million.
The global investment bank plans to use the net proceeds to repurchase in April a number of its outstanding class B common shares from an ORIX USA Corp. affiliate.
Houlihan Lokey will not receive any of the proceeds from the sale of class A common shares by the selling shareholders.
Morgan Stanley is the sole underwriter for the offering.
