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Warner Music, owned by billionaire Leonard Blavatnik, has carried out an initial public offering on Nasdaq, according to the exchange’s website. The company announced an initial public offering of 77 million ordinary Class A shares at a price of $ 25 per share, which means it raised about $ 1.93 billion.
The IPO became the largest in the American market this year, MarketWatch notes. The publication indicates that initially the company planned to put up for sale only 70 million shares, and the price range ranged from $ 23 to $ 26. On the first day of trading, the company's share price has already grown by 16%, MarketWatch emphasizes.
An IPO application was filed by the record company in February. In May, plans to go on Nasdaq were officially announced. Warner Music has collaborated with artists such as Ed Sheeran, Bruno Mars, Cardy B and Katy Perry, MarketWatch notes. For the fiscal year ended September 30, 2019, the company made a profit of $ 258 million, the publication indicates.
The offering was one sign of a recovery in the US IPO market from the impact of the COVID-19 pandemic, Reuters writes. The agency notes that the music industry is generally considered more resilient to economic shocks. At the same time, Warner Music warned investors that the pandemic had an impact on the release schedule and cash flow. The company was preparing for the placement online, since the traditional road show - the process by which management met with potential investors - was not possible.
source: marketwatch.com
The IPO became the largest in the American market this year, MarketWatch notes. The publication indicates that initially the company planned to put up for sale only 70 million shares, and the price range ranged from $ 23 to $ 26. On the first day of trading, the company's share price has already grown by 16%, MarketWatch emphasizes.
An IPO application was filed by the record company in February. In May, plans to go on Nasdaq were officially announced. Warner Music has collaborated with artists such as Ed Sheeran, Bruno Mars, Cardy B and Katy Perry, MarketWatch notes. For the fiscal year ended September 30, 2019, the company made a profit of $ 258 million, the publication indicates.
The offering was one sign of a recovery in the US IPO market from the impact of the COVID-19 pandemic, Reuters writes. The agency notes that the music industry is generally considered more resilient to economic shocks. At the same time, Warner Music warned investors that the pandemic had an impact on the release schedule and cash flow. The company was preparing for the placement online, since the traditional road show - the process by which management met with potential investors - was not possible.
source: marketwatch.com
