Moelis & Co. raised $163 million in its initial public offering, pricing a reduced number of shares below the marketed range in the first U.S. IPO of an investment bank since the financial crisis.

The firm, founded by Wall Street veteran Kenneth Moelis seven years ago, priced 6.5 million Class A shares for $25 apiece, according to data compiled by Bloomberg, after offering 7.3 million shares for $26 to $29. The firm plans to use 80 percent of the proceeds for one-time payments to Ken Moelis, 55, and his partners, regulatory filings show. The rest will be invested in the firm.

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