Warner Music Group has launched its IPO.
The initial public offering is for 70,000,000 shares of its Class A common stock, expected to be priced between $23 and $26 per share.
The IPO had been delayed due to market turbulence caused by Covid-19.
The offering consists entirely of secondary shares to be sold by Len Blavatnik’s Access Industries and other related selling stockholders.
The underwriters will have a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock from the selling stockholders. WMG will not receive any proceeds from the offering.
Morgan Stanley, Credit Suisse Securities and Goldman Sachs are acting as joint bookrunning managers and as representatives of the underwriters for the offering.