It’s been a long time coming, Warner Music Group are now publicly sharing stocks on the Wall Street market.
This week Warner Music confirmed the launch of their Initial Public Offering (IPO) after going private in 2011. Warner are offering potential investors 70 million shares at between $23 and $26 to begin with under ‘WMG’.
After delaying their return to Wall Street in February because of the unpredictable results of COVID on the market, the major label has moved forward with trading shares. With states across the U.S. looking to re-open Warner are expecting the economy’s stability is assured enough to go ahead.
Rumours earlier this month suggested that Saudi Arabia, yes the country, had offered to buy Warner Music outright. The country’s public investment fund reportedly wanted to purchase the $12.5 billion value record label though that has not been confirmed. They may go publicly to shares for investment in Warner now.
The public offering is being jointly managed by investment firms Morgan Stanley, Credit Suisse, and Goldman Sachs. Underwriters of the deal have 30 days to purchase up to 10,500,000 additional shares of Warner’s stock if they wish to.