Warner Music’s late launch on Wall Street has paid off as their first day showed huge value on their shares.
Warner Music Group launched their Initial Public Offering on Wall Street last week after delaying their initial February date. Their concerns over the economy during Coronavirus led them to delay it and now they’ve started trading, things are looking good.
Warner ended their first day with stock up 20.48% on Wednesday’s IPO price. Warner Music Group added over $2.5 billion to the company’s value in a single day, making the label worth over $15 billion now.
The initial price of shares started at $25 and by the end of the day that had raised to over $30.
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.