Warner Music Group
filled out some details Monday on its upcoming initial public offering.
The company said it would sell 32.6 million shares at an estimated price of $22 to $24 per share. Last month, Warner Music filed to sell up to $750 million in common stock but offered few details.
Last year, the company, backed by private equity firms and led by former Seagram chief Edgar Bronfman Jr., acquired
music division for $2.6 billion.
Securities and Exchange Commission
filing says 5.3 million shares will be sold by insiders and that the underwriters, led by Goldman Sachs and Morgan Stanley, will have the option to buy an additional 4.9 million shares to cover overallotments.
Warner Music plans to list its shares on the New York Stock Exchange under the symbol WMG.