Warner Music looks to raise $1.82bn in Nasdaq IPO

May 26, 2020

Warner Music Group is looking to raise up to $1.82bn in its initial public offering, which could make it the year's largest IPO.

The world's third-largest music recording label set a price target of $23 (£18.60) to $26 (£21) per share with existing shareholders set to sell 70 million shares.

This would value the company at up to $13.26bn (£10.7bn).

Warner Music is majority owned by billionaire Len Blavatnik's Access Industries, and is home to thousands of artists, including Ed Sheeran, Coldplay, Kenny Rogers and Madonna.

It posted a $74m (£60m) net loss in the quarter ending 31 March, compared with a $67m (£54m) profit at the same time last year, according to its filing document earlier this month.

It was among a number of companies to delay its IPO in March due to the coronavirus pandemic.

But in recent weeks, a small number of companies have been testing investor appetite, including US insurance comparison website SelectQuote which raised $360m (£291m) from its IPO last week.

Warner Music Group is expected to price its IPO on 2 June.

Rate this item
(0 votes)




Mobile Apps

Smart Speaker

Latest Tweets

Great TIP - @nymr @seaside1053 RT https://t.co/prcttdjM5u
Seaside FM Breakfast is on @seaside1053 with @alexbcann and we’re commercial free until 9.20 thanks to… https://t.co/9EEGSbyKyA
Great TIP - @EYBuses @seaside1053 RT https://t.co/uv8E4tzpfZ
Follow Seaside FM 105.3 #StayAlertSavesLives on Twitter