Warner Music kicks off $1.8B Nasdaq IPO
Record label is home to artists like Cardi B, Ed Sheeran and Bruno Mars.(Reuters) – Warner Music Group said on Tuesday it is aiming to sell up to $1.82 billion in stock in its U.S. initial public offering, potentially the largest New York IPO so far in 2020 as the market for new stocks rebounds after the COVID-19 pandemic put many debuts on hold.
Warner Music, the world’s third-largest recording label and home to artists including Cardi B, Ed Sheeran and Bruno Mars, set a price target of $23-$26 per share for 70 million Class A shares, the company said in a regulatory filing. At the top end of the range, the IPO would value Warner Music at $13.26 billion.
Warner Music, majority-owned by billionaire Len Blavatnik’s Access Industries, is not selling any shares in the listing, with the offering made up entirely of existing shareholders selling stock, a rarity in IPOs.