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Warner Music to start trading Wednesday at $25 per share, to raise $1.9 bln
NEW YORK, June 3, 2020 (BSS/AFP) – Warner Music said its stock would start trading Wednesday at $25 per share and raise more than $1.9 billion in its hotly awaited IPO.
The recording company increased the size of the deal to 77 million shares from the 70 million it had announced initially.
Access Industries, a group of investors headed by billionaire Len Blavatnik, which acquired Warner Music for $3.3 billion in 2011, will retain its majority stake.
The company will trade on the NASDAQ as WMG. It had set a price range of $23 to $26 for its shares.
BSS/AFP/IJ/1807 hrs