Warner Music Group delays pricing of IPO: Media reports

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Warner Music Group Corp. delayed the pricing of its planned initial public offering on Tuesday, as the music industry took a pause from regulator activity to express solidarity with the protesters taking a stand after the death of George Floyd in Minnesota last week, according to media reports on Wednesday. The company asked its bankers to postpone the pricing of the deal until early Wednesday, the FT reported, citing people familiar with the matter. The deal is expected to be the biggest IPO of the year to date, with the parent of record labels including Atlantic Records, Warner Records and Elektra Records, representing artists Ed Sheeran, Bruno Mars, Cardi B, Twenty One Pilots, Lizzo and Katy Perry, expected to sell 70 million shares priced at $23 to $26 each to raise up to $1.82 billion. Morgan Stanley, Credit Suisse and Goldman Sachs are lead underwriters, with BofA Securities, Citgroup and J.P. Morgan acting as joint bookrunners. Another 23 banks are acting as co-managers. The company has applied to list on Nasdaq under the ticker symbol "WMG."

Source: News Formal (newsformal.com)

 

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