In its initial public offering on Monday, Morningstar raised $141 million, a figure at the high end of expectations despite financial losses and a change in underwriters, according to Reuters.

The underwriter, WR Hambrecht & Co., which used a Dutch auction process, said the IPO priced at $18.50 per share neared the top of its estimated price range of $16 to $19 per share.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.