Warner Music Group IPO Priced at $25 a Share, Raises $1.93 Billion

Warner Music's upsized offering of 77 million shares is priced at $25 a share.
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Warner Music said Wednesday its initial public offering of 77 million shares was priced at $25 a share.

The offering was boosted from its previous 70 million shares. The indicative price of the offering was between $23 and $26 a share.

The IPO was pushed off until Wednesday as the company supported "Blackout Tuesday," a show of solidarity from the music industry with protests against police brutality in the U.S. following the death of George Floyd, an unarmed black man.

TheStreet previewed the Warner Music Group initial public offering last week.

Warner Music is the third-largest global music label. Ed Sheeran, Bruno Mars and Cardi B are among its stable of musicians. 

The company didn't issue new shares in the initial public offering. Instead, two entities controlled by British billionaire Len Blavatnik are selling most of the shares. Blavatnik bought Warner Music in 2011.

The IPO raised $1.925 billion for the shareholders; its the biggest IPO of the year so far. It values Warner Music at more than $13 billion.

The offering came about three months after Warner Music pulled the deal amid the worst of the market's coronavirus downturn. 

Warner Music pulled its plans in early March following one of the largest single-day declines for the S&P 500 since the global financial crisis.

The company also noted that stay-at-home orders amid the coronavirus pandemic had "impacted our business in other ways, such as making it impossible to hold live concert tours, adversely impacting our concert promotion business and the sale of merchandise."

Warner Music shares will trade on the Nasdaq under symbol "WMG."