NEW YORK (CelebrityAccess) — Warner Music Group announced plans to sell its stock to the public after filing the necessary paperwork with the Securities and Exchange Commission for a long-awaited IPO.
Warner’s initial public offering will be for 70,000,000 shares of its Class A common stock, at an initial price of between $23 and $26 per share for a total value of between $1.6B to $1.8B.
Warner’s IPO was originally in discussion for March, but was delayed amid the financial uncertainty around the COVID-19 pandemic.
Shares will be listed on the Nasdaq under ticker symbol “WMG.”
The company’s recorded music business generated $3.84B of revenues in its last fiscal year, with its publishing arm adding another $643M, according to financial filings.
Morgan Stanley, Credit Suisse Securities and Goldman Sachs will serve as co-bookrunners for the IPO and as representative underwriters for the offering.
As part of the agreement, the underwriters have a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock from the selling stockholders at the initial public offering price, less underwriting discounts and commissions.