Morningstar
ORG
Morningstar
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. Shares of Morningstar rose $1.55, or about 8.5 percent, on their first day of trading, to close at $20.05. By Mr. Ritter's measure, Morningstar left about $12 million on the table but saved about $7 million in underwriting fees.