Moelis & Co. has commenced a public offering of 5 million class A common shares.
Based on a March 12 closing share price of $52.95, S&P Global Market Intelligence calculates a gross offering size of about $264.8 million.
The proceeds will be used to repurchase the same number of shares, partnership or other equity interests that are exchangeable or convertible into class A shares from certain managing directors and former employees.
The company said it is conducting the offering to facilitate organized liquidity in its class A common shares and to increase the public float of its class A common shares. Moelis will not retain any proceeds from the sale.
Goldman Sachs & Co. LLC and UBS Investment Bank serve as joint book-running managers for the offering.
