Morgan Stanley
ORG
Morgan Stanley
The underwriters of the Chipotle offering, led by Morgan Stanley, set a price of $22 a share, for 7.9 million shares. Morgan Stanley and Credit Suisse managed the sale, a variation on a Dutch auction, and Hambrecht was part of the underwriting team. Last year, Morningstar, a financial research company, hired Hambrecht to take it public in an auction that raised $140.8 million, but only after Morgan Stanley refused to do things Morningstar's way.