(Reuters) – Warner Music Group Corp WMG.O said on Wednesday it raised $1.93 billion in the biggest U.S. initial public offering (IPO) so far in 2020, with the world’s third-largest recording label selling more shares than originally planned.
The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008. REUTERS/Fred Prouser
The deal marks a further sign of recovery for the U.S. IPO market, which was hampered in March by plunging stock prices caused by the COVID-19 pandemic.
“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 said in an interview.
The company increased the offering to 77 million class A shares at $25 per share, valuing it at $12.75 billion. It had initially proposed to sell 70 million shares at a target range of $23-$26 per share.
The entire offering is existing investors selling stock. Warner Music is majority…
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