Moelis & Co. announced the pricing of a public offering of 5 million shares of its class A common stock at a public offering price of $51.00 per share.
Gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $255.0 million.
The offering is subject to customary closing conditions and is expected to close March 14.
Moelis plans to use the proceeds to repurchase the same number of class A shares, partnership or other equity interests that are exchangeable or convertible into class A shares from certain managing directors and former employees of the company.
Moelis will not retain any proceeds from the sale of the shares. The company 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.
Goldman Sachs & Co. LLC and UBS Investment Bank are acting as joint book-running managers for the offering.
