The institutional offer was well supported, so before the retail side paperwork was sent out I am assuming Moelis already had offers to take up any shortfall. Yes they got the fee, they also took the risk, and either way the company got the cash and the fund manager looks after their most lucrative clients. It may seem unfair but that is life, if companies want money from investors it makes life easier if you pander to the people that control the larger pools of money.
BPS Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
