Moelis & Co shares rise on debut

SHARES of boutique investment bank Moelis & Co rose almost five per cent in their debut yesterday, after it cut the size of its offering and priced below its targeted range. The bank, founded by Wall Street investment banker Ken Moelis (pictured), raised about $163m (£97m) after pricing at $25 a share, below the expected price range of $26-$29.