Houlihan Lokey, a global independent investment bank owned by Japanese investment firm Orix, announced terms for its IPO on Monday.
The Los Angeles, CA-based company plans to raise $300 million by offering 13.1 million shares (100% insider) at a price range of $22 to $24. At the midpoint of the proposed range, Houlihan Lokey would command a fully diluted market value of $1.5 billion.
Key shareholders include a management and employee group (47% post-IPO stake) and Orix USA (32%).
Houlihan Lokey, which was founded in 1972 and booked $686 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol HLI. Houlihan Lokey initially filed confidentially on 5/8/2015. BofA Merrill Lynch, Goldman Sachs, UBS Investment Bank, Keefe Bruyette Woods and Houlihan Lokey are the joint bookrunners on the deal. It is expected to price during the week of August 10, 2015.
