Warner Music raised nearly $2 billion in the biggest U.S. IPO so far in 2020, with the world's third-largest recording label selling more shares than originally planned
- Warner Music Group Corp’s WMG.O stock popped 8% on its Nasdaq debut on Wednesday, after the world’s third-largest recording label sold shares in its $1.9-billion initial public offering towards the higher end of its target.
“We concluded that there was sufficient market momentum. Without ever trying to time the market this looked like a good time to go,” Warner Chief Executive Stephen Cooper said in an interview. The IPO equips Warner, which has been acquisitive in recent years, with public stock to potentially make further acquisitions, Cooper said.
Warner has seen a 12% jump in its recorded music streaming revenue for April, fueled by new releases including Grammy-winning artist Dua Lipa’s latest album, “Future Nostalgia.”
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