Boutique investment bank Cowen Group disclosed the terms of its upcoming initial public offering yesterday, revealing that it plans to sell 11.2 million shares at $19 to $21 a share to investors.

None of the estimated $224.3m (€177.9m) in proceeds will go to Cowen, however; instead, it will all flow to SG Americas Securities Holdings, part of former parent Société Générale. SG bought Cowen in 1998. Some of those have been rocky years: Cowen operated at a loss between 2001 and 2003.