Moelis & Co.'s initial public offering was priced at $25 per share, a market source said, valuing the independent investment bank at about $1.29 billion.

The company's IPO raised about $162.5 million at that price, which was below the expected price range of $26-$29 per share.

Moelis, founded and led by veteran Wall Street investment banker Ken Moelis, is offering 6.5 million shares of Class A common stock. It initially planned to offer 7.3 million shares.

The bank intends to list on the New York Stock Exchange under the symbol "MC".

Goldman Sachs & Co and Morgan Stanley are the lead underwriters for the offering.