Morningstar announced late on Friday that it had changed the lead underwriter for its IPO from Morgan Stanley to W.R. Hambrecht, The Wall Street Journal reports. The investment researcher also said that it would sell its shares through an auction rather than a traditional sale.

Chicago-based Morningstar said it had "amicably parted ways" with Morgan Stanley because the investment bank had "elected not to participate in the auction approach." Underwriters are often averse to auctions because they generally result in lower fees. In a traditional IPO, however, underwriters have more of a say in the price because they can market the company's shares mostly to institutional investors.

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