By admin Jun, 03, 2020 IPO

Warner Music Group Corp went public on Wednesday, June 2, 2020, and the stock closed at $30.12, a 20 percent move from the Initial public offering entry price of $25. Warner Music Group (Warner Bros) stock symbol is WMG. 

The company sold 77 million shares and raised $1.925 billion via Initial public offering (IPO).

Warner Music Company is the parent company of a few record labels including Atlantic Record, Warner Records, Elektra Records. The stock is not trading on the Nasdaq platform. 

Top Artist on the Warner Music Label 

Ed Sheeran

Bruno Mars

Cardi B

Twenty-One Pilots

Lizzo

Katy Perry

The underwriters for Warner Music Group IPO 

Bank of America Securities 

Citi Group 

J.P. Morgan 

Warner Music IPO share pricing details 

According to people familiar with the matter, the company did not issue new shares in the company like a normal IPO market debut. The shares that came public were being sold by the existing investor in the company when the company was private.

"The company isn’t planning to issue new shares in the IPO. Instead, two entities controlled by billionaire Len Blavatnik are selling most of the 70 million shares being offered at $23 to $26 each. AI Entertainment Holdings LLC, which is selling about 46 million of its shares, will retain about 90% of the shareholder voting power after the offering, according to filings with the U.S. Securities and Exchange Commission. Access Industries LLC is selling 20 million of its shares in the IPO, the filings show" - Bloomberg 

Tags: Warmer Music Group IPO Stock price

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