NEW YORK (CelebrityAccess) — Warner Music Group Corp on Wednesday revealed the pricing of its initial public offering, which will see the label group sell 77,000,000 shares of common stock for $25.00 per share.
The share price floated in the offering puts the value of WMG at $12.75 billion.
The size of the IPO was increased from the previously announced 70,000,000 shares, and amounted to a capital raise of $192.5bn for Warner’s parent Access Industries.
The deal, which is the largest IPO in the U.S. so far in 2020, signals a rebound for a market that was in freefall just two months ago.
“We concluded that there was sufficient market momentum. Without ever trying to time the market this looked like a good time to go,” Warner Chief Executive Stephen Cooper told Reuters.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are acting as joint bookrunning managers and reps for the underwriters for the deal.
WMG began trading on the NASDAQ on June 3rd under the ticker symbol WMG.
At the end of its first day of trading, WMG’s share price was up more than 20%, closing at $30.12.
