Houlihan Lokey, the 43-year-old boutique investment bank, raised $220.5 million in its initial offering, pricing a reduced number of shares below the marketed range.

Selling shareholders floated the entire IPO.

“(Houlihan Lokey) is an investment bank…so it was very important that the IPO was successful for their business”, said Francis Gaskins, president of research firm IPO Desktop Premium.

The underwriters for the offering are Merrill Lynch; Goldman Sachs; UBS Investment Bank; Keefe, Bruyette & Woods; Houlihan Lokey; Sandler O’Neill + Partners; and JMP Securities. The firm also advises on corporate bankruptcies and restructurings.

Boutique firms, which account for almost 29 percent of global M&A advisory fees, are becoming increasingly popular with companies seeking superior advice over just meeting financing needs for M&A deals. We were ranked the #1 M&A advisor for United States transactions under $5 billion in 2014 and we have been the #1 M&A advisor for United States mid-cap transactions every year for the last nine years (2006-2014).

In its fiscal year ended March 31, Houlihan Lokey earned $79.9 million on revenue of $680.9 million, according to government filings. The firm won’t receive any proceeds from the IPO.

Current investors sold 10.5 million shares for $21 apiece, according to a statement Wednesday, after offering 13.1 million for $22 to $24 each.