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Newest Member of the NYSE-Moelis & Co.

 (Image source:maris-interiors.co.uk)

The investment bank Moelis & Co. will begin trading on the NYSE today under the ticker symbol “MC”. The IPO was priced at $25 a share, which was below the expected offering range of $26 to $29 a share. At the initial IPO price of $25 a share, the investment bank has a market cap of $1.3 billion. So far the company has raised $162.5 million from the IPO. Last year, the investment boutique reported net profits of $70.2 million. In addition, Reuters ranked the company number fifteen on its list of top advisers in mergers worldwide for 2013. But, Moelis is entering a chilly IPO market with many new debuts fizzling out in a matter of hours.