Warner Music Group said on Tuesday it is aiming to sell up to $1.82 billion in stock in its U.S. initial public offering, potentially the largest New York IPO so far in 2020 as the market for new stocks rebounds after the COVID-19 pandemic put many debuts on hold.
Warner Music, the world’s third-largest recording label and home to artists including Cardi B, Ed Sheeran and Bruno Mars, set a price target of $23-$26 per share for 70 million Class A shares, the company said in a regulatory filing. At the top end of the range, the IPO would value Warner Music at $13.26 billion.
Warner Music had in March delayed its IPO as the COVID-19 health crisis rocked capital markets and slammed the brakes on many listings. Warner Music posted a net loss of $74 million in the second quarter ended March 31, compared with a profit of $67 million a year earlier. The company’s debt totals $2.98 billion.
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