Moelis Files For $100 Mln IPO

(RTTNews) - Boutique investment firm Moelis & Co., founded by investment banker Kenneth Moelis seven years ago, has filed for an initial public offering to raise $100 million.

The company plans to apply to list its Class A common stock on the New York Stock Exchange under the symbol "MC."

Moelis plans to use net proceeds from this offering to purchase Class A partnership units directly from Group LP.

The firm will use some of the remaining proceeds to make one-time payments to the partners of Old Holdings who received shares of Class A common stock in exchange for the Group LP Class A partnership units they would otherwise have received in connection with the reorganization.

Group LP will use some of the net proceeds it receives from this offering to make a one-time cash distribution to the partners of Old Holdings who hold Group LP Class A partnership units as of the day prior to the closing of this offering. Group LP will use the remaining of the net proceeds for general corporate purposes.

The company reported net income of $70.23 million for 2013, up from $35.22 million in 2012. Its revenues increased to $411.39 million from $385.87 million in 2012.

Goldman Sachs & Co and Morgan Stanley are the lead underwriters for the offering.