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MONEY MANAGEMENT

Hamilton Lane IPO rises 12.6% on first day of trading

Nasdaq

Hamilton Lane went public Wednesday on the Nasdaq Stock Market at $16 a share and closed up 12.6% at $18.02 on its first day of trading.

Hamilton Lane offered 11,875,000 Class A at $16, the midpoint of its initial public offering range, according to a Hamilton Lane news release and a prospectus filed with the Securities & Exchange Commission Wednesday. The offering raised $200 million. It trades under the ticker HLNE.

The consulting and money management firm had $332 billion in total assets under management and advisement as of Dc. 31.

J.P. Morgan and Morgan Stanley (MS) are acting as joint book-running managers. Goldman, Sachs & Co is lead co-manager and Keefe, Bruyette & Woods, Wells Fargo Securities and Freeman & Co. are co-managers.