Houlihan Lokey restructures IPO

摘要

The IPO of houlihan lokey, a corporate restructuring and mid-cap M&A advisory firm, ran headlong into market turbulence last week, forcing the sellers to cut price expectations and reduce size of the deal by as much as 30%. Despite pitching itself on the strength of its "bull/bear balance" - able to thrive in both good and bad markets -Houlihan Lokey was the latest US IPO to encounter investor indifference in a seasonally slow period for new issues. The decision to cut the number of shares sold to 10.5m from 13.1m and price at US$21, below the USS22-S24 marketing range, at least ensured a positive - if unspectacular - debut.